Connect with us

Hi, what are you looking for?

National

“Tax Filers in Pakistan Double as Economic Reforms Take Effect: Muhammad Aurangzeb”

“Pakistan’s Economy Achieves Macroeconomic Stability, Says Finance Minister Muhammad Aurangzeb

Finance Minister Muhammad Aurangzeb announced that Pakistan’s economy has reached a level of macroeconomic stability, with the number of tax filers doubling over the past year. An additional 723,000 individuals have joined the tax net, bringing the total from 1.6 million to 3.2 million.

During a press conference in Islamabad, he emphasized that non-filers will face significant restrictions, including limitations on purchasing vehicles and property, as well as challenges in banking transactions.

Aurangzeb highlighted several positive economic indicators: inflation has fallen to single digits, exports have surged by 29 percent, and IT sector exports have shown remarkable growth. He noted that foreign exchange reserves have reached record highs and the stock market’s strong performance reflects growing investor confidence.

While acknowledging the achievement of macroeconomic stability, the finance minister clarified that this is an ongoing process. He underscored the need for the private sector to take the lead in driving future growth and announced a 4.5% reduction in the policy rate in response to declining inflation.

The government is also advancing structural reforms, including plans to reduce the size of government institutions by eliminating 150,000 positions across various ministries. Six ministries will be dissolved, and two will be merged to streamline governance.

In terms of tax reforms, Aurangzeb stated that only registered wholesalers will be permitted to buy directly from manufacturers, and technology will play a pivotal role in tax collection through the use of RFID and video analytics. The Federal Board of Revenue (FBR) will enhance its audit capabilities by hiring 2,000 chartered accountants through a third-party system.

He acknowledged that while these reforms may present short-term challenges, they are essential for Pakistan’s long-term sustainable development. The finance minister also pointed to two significant challenges: the unsustainable population growth rate of 2.5% and the urgent threat of climate change. He stressed the importance of preparing for these issues while continuing economic restructuring, with the aim of making this the last IMF loan program for the country.”

Written By

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Health & Education

MDCAT 2024 Khyber Medical University (KMU) has officially announced the results of the Medical and Dental College Admission Test (MDCAT). This year’s results highlighted...

Latest Updates

MULTAN/ISLAMABAD: Students at Muhammad Nawaz Shareef University of Agriculture in Multan have launched protests following the tragic death of a female student, Manahil, who...

Science & Tech

It may look like an ordinary 3D printer, but this machine, the size of a crane, is slowly building a hotel in the Texan...

Economy

The Competition Commission of Pakistan (CCP) has given the green light to Euricom S.P.A, a prominent Italian agribusiness, for acquiring a 50% stake in...