WASHINGTON: Pakistan Finance Minister Muhammad Aurangzeb stated on Thursday that the government is aware of the challenges faced by the already burdened salaried class and aims to avoid imposing further tax burdens on them.
In an interview with a French news agency, he noted that the industrial sector had reached its maximum capacity for tax contributions.
Highlighting the need to improve tax revenue targets, Aurangzeb emphasized that the real estate sector and retailers would need to contribute more to enhance tax collection.
He mentioned that over 52,000 income tax returns had been filed, reflecting a 29% increase in the tax base.
Aurangzeb also underscored the necessity of curbing corruption in government corporations and expressed hopes of tackling electricity theft and tax evasion.
Addressing Pakistan’s debt crisis, he revealed that the country has an overall debt of $258 billion, which accounts for 69% of the total economy.
The Finance Minister added that the government intends to privatize Pakistan International Airlines (PIA), a process that has been delayed due to the need to assess the value of its assets. He stated that the privatization of PIA is expected to occur in November.
