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Federal Minister of Finance, Muhammad Aurangzeb, has stated that Chinese ministers have appreciated the discussions with the International Monetary Fund (IMF) and that China will support Pakistan in the IMF board’s approval. He added that without achieving macroeconomic stability, the issues will not be resolved.
During a press conference in Islamabad here on Sunday, Finance Minister Muhammad Aurangzeb said that discussions are ongoing at the local level regarding taxes. To increase taxes, public facilities need to be provided. A trader-friendly scheme has been introduced, and the taxation process has been made extremely easy for traders.
He mentioned that he comes from a salaried class background and has tried not to burden the lower class with taxes. Paying tax dues will strengthen the economy, and he urged everyone to raise their voice with him for the betterment of the country’s economy. The Prime Minister is holding weekly meetings on reforms related to the Federal Board of Revenue (FBR).
The federal minister said that due to digitization, they have understood a few things in the last two months. He explained that when he travels, uses a credit card, or owns any type of vehicle or house, all this data is available. Based on this, they have gathered data on 4.9 million filers, including their entire lifestyle.
He stated that data will be the biggest proof, but there are some issues such as officials using data to make deals, which includes corruption and harassment. However, this will no longer happen as notices to non-filers will be sent in a centralized manner. Tax officers will not be able to send direct notices to non-filers, reducing harassment from the FBR.
He mentioned that steps are being taken to bring agriculture under the tax regime, and chief ministers will legislate on agricultural taxes.
Muhammad Aurangzeb said that tax procedures need to be simplified. He shared his experience from abroad, where he received a simple form each year stating his tax deductions, and he only had to declare any vehicle or house purchases or sales. However, in Pakistan, salaried individuals often need a lawyer to pay taxes.
He addressed the recurring question of multiple taxes on the poor and what the government is doing about it. He explained that the federal government is seriously considering reducing its expenses and is reviewing five ministries for rightsizing.
He mentioned that he is heading a committee reviewing five ministries: Kashmir, Gilgit-Baltistan, SAFRON, Industries and Production, and IT and Telecom, to determine which ones can be eliminated or merged. Prime Minister Shehbaz Sharif will make the final announcement.
During his visit to China, the minister said that Chinese ministers appreciated the discussions with the IMF, and Owais Laghari accompanied him to China. The finance minister also provided some background, explaining that when they visited China with the Prime Minister in June, various topics were discussed.
The Prime Minister spoke to the Chinese President about energy issues, seeking assistance, and discussed how to move forward on this matter. The conversation also included discussions on Panda Bonds.
Chinese ministers appreciated the discussions with the International Monetary Fund (IMF), and China will support Pakistan in the IMF board’s approval.
