Finance minister for reforming tax system to improve country's economy

Finance minister for reforming tax system to improve country's economy

Karachi (Web Desk): Finance Minister Muhammad Aurangzeb has stressed for reforming tax system to improve country's economy.

Addressing Gong ceremony at Pakistan Stock Exchange in Karachi this morning, he said we are working with law ministry and Federal Board of Revenue (FBR) to remove leakage in tax revenue and broaden the tax net.

“The government is working on a two-prong strategy, short and medium term, for carrying out structural reforms,” the minister said.

He said reforms in FBR are carried out by introducing a track and trace system and digitizing its operations to ensure transparency and enhancing tax collections.

Highlighting the role of private sector in economic development, Aurangzeb said that the importance of capital market in promoting economic development is fundamental.

“In coordination with the relevant departments, the government will work on creating a conducive regulatory environment for economic growth,” the finance minister said.

He said that the government will focus more on capital market to enhance market efficiency, transparency and investor protection.

Alluding to importance of Chinese investment and partnership, the finance minister called for increasing cooperation between Pakistan Stock Exchange and Chinese stock exchanges.

Later, talking to media, he said that Rs12 billion Ramadan package has already been given by government to provide relief to the people.

He said current account of the country is improving and it was in surplus last month.