Finance Minister Aurangzeb Vows Action against Non-Filers, Promises Relief for Salaried Class

ISLAMABAD: Finance Minister Muhammad Aurangzeb has emphasized the government’s resolve to curb non-compliance among taxpayers, highlighting ongoing efforts to strengthen the economy. Speaking in Islamabad, he underscored significant economic improvements attributed to government initiatives and emphasized the clearance of financial backlogs ahead of the new fiscal year.

Aurangzeb noted international financial support, with approvals such as $1 billion from the World Bank for Daso and $400 million from IFC for PTCL. He stressed the importance of maintaining macroeconomic stability, citing its pivotal role in facilitating sustainable growth.

Addressing budget principles, Aurangzeb outlined goals to increase tax-to-GDP ratio to 13% over three years and implement reforms in sectors like LNG, power, and petroleum to curb fiscal leakages, estimated at around 10 trillion rupees annually.

Regarding fiscal reforms, he highlighted efforts through digitization of the Federal Board of Revenue (FBR) to reduce corruption and enhance efficiency. Aurangzeb expressed optimism about economic stability and restored foreign institutional confidence, pointing out Pakistan’s foreign exchange reserves of $9 billion.

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He announced forthcoming taxation on retailers from July 1, emphasizing fiscal discipline with reduced government expenditures and voluntary austerity measures among ministers. Aurangzeb reiterated policies to support businesses, including tax exemptions for companies facing losses and expedited sales tax refunds.

Looking ahead, he affirmed commitment to the IMF program and reiterated the government’s focus on sustainable economic policies amid global economic challenges.

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