Finance Minister Muhammad Aurangzeb, has assured that no one will be harassed for tax collection, while announcing measures to curb tax evasion.
Speaking to Pakistani media in Washington D.C., he detailed the government’s economic strategy and its interactions with international financial institutions.
Aurangzeb stated that the government aims to increase the tax-to-GDP ratio from 9% to 13%. He emphasized that while this will involve stricter measures, including preventing non-filers from purchasing vehicles and properties, no one will face harassment during the tax collection process. He further clarified that the government is working on legal frameworks to address the issue of non-filers, ultimately aiming to eliminate the term altogether.
The Minister highlighted positive developments, including a decrease in Pakistan’s inflation rate and policy rate. He reported constructive dialogue with the International Monetary Fund (IMF), as well as positive meetings with representatives from the IMF and World Bank, and Saudi Arabia’s Finance Minister during his visit to the United States.
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He also noted that the American business community expressed interest in investing in Pakistan.
Aurangzeb expressed confidence in Pakistan’s economic direction, citing positive assessments from various financial rating agencies. He clarified that the World Bank will provide grants rather than loans to Pakistan and reiterated the constructive nature of ongoing negotiations with the IMF.
The Finance Minister expressed his ambition for the current program to be Pakistan’s last with the IMF. He acknowledged the need for difficult decisions to improve the economy, stating that the government’s actions are steering the country towards macroeconomic stability.
