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Federal Minister for Finance, Muhammad Aurangzeb, announced that the authority over tax policy has been officially transferred to the Finance Division.
While addressing the Chamber of Commerce in Peshawar, he emphasized that the primary purpose of technology is to provide convenience. He stated that minimizing human intervention in financial processes would significantly reduce corruption.
Aurangzeb assured that efforts are being made to restore public trust in the Federal Board of Revenue (FBR). He reiterated the government’s commitment to ensuring transparency within the tax authority, emphasizing that all necessary reforms have been introduced.
Highlighting a significant structural reform within the FBR, the Finance Minister revealed that the Tax Policy Office has been moved from the FBR to the Finance Division, a transition that has already received cabinet approval.
Discussing the economic landscape, Aurangzeb remarked that Pakistan’s economy is gradually moving towards stability. Addressing concerns about the tax system, he noted that in a country with a population of 240 million, it is imperative for citizens to feel comfortable engaging with the tax authority.
He reaffirmed the government’s commitment to introducing tax system reforms, stressing that the primary objective is to ensure that the FBR remains solely focused on tax collection.
The Finance Minister further stated that the government is steadfastly implementing its reform agenda to achieve economic stability.
Addressing the challenges faced by the business community, Aurangzeb emphasized the federal government’s ongoing efforts to reduce expenditures, noting that “right-sizing” is a crucial step in this process. He acknowledged that making difficult financial decisions is necessary to cut expenses and streamline operations.
Aurangzeb also revealed that the International Monetary Fund (IMF) mission is scheduled to visit Pakistan next week for its first semi-annual review. He expressed optimism that the delegation would leave with a positive outlook on Pakistan’s economic progress.
Underscoring the critical role of the private sector in economic growth, the Finance Minister emphasized that the government values input from traders and business professionals regarding the budget. He assured that their suggestions are being carefully considered and reviewed.
Encouraging the business community to contribute to national trade, he urged them to increase exports, even if only by one percent, emphasizing the importance of collective effort in strengthening the economy.
Aurangzeb further disclosed that the IT sector is expected to achieve $400 million in exports this year, marking a significant milestone.
In his concluding remarks on economic prosperity, the Finance Minister asserted that for Pakistan’s economy to grow, every sector must actively participate and contribute to national development.
