During a special function hosted by the Federation of Pakistan Chamber of Commerce and Industries, Federal Finance Minister Muhammad Aurangzeb delivered an impactful keynote address, shedding light on the government’s ambitious economic reforms and taxation policies aimed at strengthening the country’s financial health.
In his address, Minister Aurangzeb reiterated his unwavering commitment to imposing taxes on traders, emphasizing the crucial need to bolster national revenues. He stressed that this initiative was imperative for the country’s economic well-being.
Furthermore, the minister underscored the closure of inefficient government departments as a critical step towards alleviating fiscal strain on the country’s exchequer. He expressed confidence that these measures would result in substantial savings and enhance financial discipline across ministries.
Addressing the pressing issue of tax evasion, Aurangzeb emphasized the need to effectively reform the non-filers system. Despite facing obstacles in recovery efforts despite data on 4.5 million non-filers, he signaled a strong push towards stricter compliance measures.
Minister Aurangzeb also made it clear that Pakistan’s current economic policy with the International Monetary Fund (IMF) would mark the final engagement with the global financial institution. He emphasized the government’s unwavering determination to achieve economic autonomy and reduce dependency on external financial support, instilling confidence in the audience about the country’s future economic direction.
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Acknowledging the significance of foreign investments, the finance minister emphasized their pivotal role in driving economic growth and development in the country. He assured stakeholders of the government’s steadfast commitment to fiscal prudence and sustainable economic reforms, while also urging collective efforts towards achieving national prosperity.
Highlighting the robust growth in Pakistan’s foreign reserves, which have now surpassed $9 billion, Minister Aurangzeb underscored the country’s strengthened financial position and its ability to navigate global economic challenges.
Reaffirming the government’s commitment to sustainable economic policies that foster growth and stability, the finance minister emphasized the role of prudent fiscal management in achieving these goals.
When it comes to attracting foreign investment, Aurangzeb expressed full confidence in the government’s ability to tailor its investment strategy to effectively meet national economic needs. He stressed the importance of foreign investment in driving economic expansion and creating employment opportunities across sectors, reassuring the audience about the country’s economic prospects.
Lastly, on the topic of fiscal reforms, Minister Aurangzeb discussed plans to gradually increase tax rates, including proposals to raise the tax-to-GDP ratio to 13% over the next three years. While acknowledging public concerns, he reiterated the government’s unwavering commitment to enhancing revenue streams to support national development initiatives, making the audience feel secure about the government’s financial management.
Acknowledging the challenges of recovering taxes from approximately 4.5 million non-filers, the finance minister emphasized the ongoing efforts to streamline tax administration and enhance compliance measures to ensure fairness and equity in tax collection. Additionally, he highlighted the ongoing digitization efforts within the Federal Board of Revenue (FBR), aimed at modernizing tax systems and improving efficiency in revenue collection.
