Aaj English TV

Wednesday, July 17, 2024  
10 Muharram 1446  

People will have to start paying taxes, Aurangzeb says

Adds that role of private sectors will have to be increased
Screengrab
Screengrab

Federal Finance Minister Muhammad Aurangzeb has stated that the country cannot be run on charity, like schools and hospitals cannot be run on charity.

During a press conference in Kamalia, Aurangzeb said that the entire system runs on taxes, GDP depends on taxes, those sectors that were not paying taxes are being brought into the system, and other sectors are also being brought into the tax net.

He said that those who are not paying taxes will now have to pay taxes. He added that GDP depends on taxes, and the government is taking steps to improve the FBR.

The Finance Minister said that we will have to balance things out, the tax-to-GDP ratio is 9.5%, which is very low, the tax-to-GDP ratio should be 13%.

He said that institutions receiving funds from the provinces will have to be separated from the federation, the tax on retailers will be implemented by July.

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The minister said that the Prime Minister has said that Lahore Airport should also be given to the private sector.

Muhammad Aurangzeb said that if the country needs relief, then the deficit and government burden will have to be reduced. He added that 31-32,000 retailers have been registered and tax digitization has reduced corruption.

He said that steps are being taken to reduce the losses of institutions and wherever there is corruption, it will be stopped.

The Finance Minister said that he will present a report to the Prime Minister on which institutions will be closed down.

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Muhammad Aurangzeb

budget 2024 25