During a press conference in Islamabad, Finance Minister Muhammad Aurangzeb announced that China has pledged its support to help Pakistan secure approval for the International Monetary Fund (IMF) agreement. He emphasized the ongoing efforts to improve the country’s economic situation and the importance of public facilities if taxes are to be increased. Aurangzeb also underscored the vital partnerships with the United States and China, reassuring the audience about Pakistan’s strong international relations. Discussions on local tax matters are underway, with efforts being made to ease the tax burden on the lower-income population and simplify the taxation process for traders.
Moreover, the finance minister did not shy away from criticizing tax defaulters, emphasizing that their actions are not in the best interest of the nation. He stressed the crucial role of tax payments in ensuring economic stability. The minister also mentioned the ongoing weekly discussions on reforms in the Federal Board of Revenue (FBR) and encouraged provincial governments to legislate taxes in the agricultural sector. Aurangzeb also highlighted the shift to a centralized notification system to reduce harassment of non-filers.
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Discussing the need to streamline government expenditures, the finance minister mentioned potential mergers of specific ministries and detailed discussions with Chinese officials on energy, including converting coal power plants to local coal and issuing Panda Bonds. Chinese ministers lauded Pakistan’s negotiations with the IMF and assured support for the agreement’s approval by the IMF board.
Minister Aurangzeb, in his address, underscored the importance of simplifying tax processes. He compared the current system to the straightforward tax systems in other countries, where annual forms provide clear tax details without the need for legal assistance. This emphasis on simplification aligns with our government’s efforts to make taxation more accessible and transparent.
