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FY12 tax collection shows unprecedented 26% increase

Speaking at the inaugural session of the 10th Vice Chancellors’ Committee meeting organized by the Higher Education Commission (HEC), Finance Minister Dr Abdul Hafeez Shaikh asserted that tax collection by the Federal Board of Revenue has shown a remarkable increase of over 26% during 2011-12 compared to the same period for the last fiscal year. The collection is the highest in history; however 70% of the total collection is being transferred to the provinces and the federal government is left with less money in real terms. He said that Rs 800 billion had been transferred to the provinces in two years. Dr. Shaikh stressed that investment in higher education is being accorded top priority by the government. He said that Rs 160 billion had been released during the last four years for higher education.   He applauded the HEC for bringing about a revolution in the education sector of a country, “But I must add that the government has also played its part in resolving problems being faced by the higher education sector,” he said. He highlighted the need to ensure that benchmarks and standards of excellence are implemented, “Before a student takes admission in any programme, he must know the potential of that degree course. The universities should also have a mechanism for measuring and rewarding excellence and there should be a difference between performers and non-performers.”

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