Islamabad (Web Desk): Finance Minister Muhammad Aurangzeb has assured that the government is fully committed to achieving economic stability, emphasizing that efforts are being made to improve the country’s financial framework.
Addressing a press conference alongside Minister of State Ali Pervez Malik and Federal Minister for Information and Broadcasting Attaullah Tarar in Islamabad, he highlighted the government's focus on enhancing fiscal health through comprehensive reforms.
The finance minister noted that Pakistan's tax-to-GDP ratio has remained stagnant at around 9-10%, but the government is targeting a substantial increase to 13.5% over the next three years.
This initiative is a key component of the government’s strategy to bolster national revenue.
A major aspect of the plan involves the digital transformation of the Federal Board of Revenue (FBR), which aims to streamline tax collection processes and improve transparency.
The finance minister mentioned that the Prime Minister Shehbaz Sharif had approved the design phase of this digitalization project earlier this year, and the government is now moving forward with the implementation phase to modernize the tax system and ensure better compliance.
Aurangzeb also emphasized that while working to close the tax gap and curb revenue leakages, the government is committed to protecting the interests of the ordinary citizens and ensuring that the tax burden does not disproportionately affect them.
The finance minister assured that the policies will be designed to make the system more equitable, preventing undue strain on the general public.
Minister for Information and Broadcasting Attaullah Tarar reaffirmed Pakistan’s commitment to adhering to international standards, stating that the country’s legal framework is fully aligned with international conventions.
He highlighted that Pakistan’s judicial system guarantees the right to a fair trial, reinforcing the country’s compliance with global norms and practices.
In his remarks, Minister of State for Finance Ali Pervez Malik shared positive updates on the economic trajectory, pointing out the noticeable reduction in inflation and the benefits of recent economic reforms that are now reaching the broader population.
He underlined the importance of diversifying revenue streams and refining the taxation system to ensure that the burden is fairly distributed across society, particularly ensuring that the most vulnerable are not overburdened by fiscal measures.
