ISLAMABAD: Pakistan’s Federal Finance Minister Muhammad Aurangzeb has said that 723,000 new filers have entered the tax net in this year, and the total number of tax filers has now reached 3.2 million.
He asserted that Pakistan’s economy was on the path to progress, attributing a reduction in inflation to government policies. He stressed the necessity of increasing tax revenue.
He added that Prime Minister Shehbaz Sharif was tirelessly working for the development of Pakistan and hailed the approval of the International Monetary Fund (IMF) fresh program under his leadership.
He went on to say that the country’s foreign exchange reserves have reached all-time high and a 4.5% reduction in the policy rate had occurred due to a decrease in inflation.
He expressed optimism about the performance of the Pakistan Stock Exchange (PSX) stating that macroeconomic stability had laid the foundation for a strong economy.
The finance minister termed macroeconomic stability not only an objective but a pathway, stressing that investor confidence was key to economic strength. He also acknowledged the positive role of the previous caretaker government in it.
He indicated that economic stability was on the horizon and expressed hope that exchange and policy rates would meet the expectations.
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Aurangzeb asked the private sector to lead the country’s growth and announced to bring experts from other countries to assist in this effort.
He also revealed that 723,000 new filers have entered the tax net this year, doubling the number from the previous year. The minister added the total number of tax filers has now reached 3.2 million, up from 1.6 million.
He noted that non-filers would face challenges in purchasing vehicles and properties and would encounter difficulties with bank transactions.
The finance minister added that around 300,00 were wholesalers and only 25 percent registered in sales tax and 14 percent in retailers sales tax.
He further explained that there will be strict accountability for tax collectors and the audit capacity of FBR would be increased.
Aurangzeb said that there will be strict accountability for tax collectors, with no actions against taxpayers without public hearings.
He stressed the need for fundamental changes in the economic structure and the introduction of new methodologies to ensure the IMF program was the last loan of its kind.
The minister acknowledged that while these measures may cause short-term difficulties but they were essential for sustainable growth.
