KARACHI: Federal Minister for Finance, Muhammad Aurangzeb, emphasized the need to address the burden of pension for retired employees on the government during a recent session at the Federation of Pakistan Chambers of Commerce & Industry (FPCCI).
Aurangzeb outlined key economic issues and measures, stressing the importance of reducing expenditures by closing inefficient departments. He also discussed plans to lower the policy rate this year, aiming to increase the tax-to-GDP ratio to 13% in the next two to three years.
Furthermore, he acknowledged the challenges faced by small businesses with new taxes but highlighted the necessity of taxing previously untaxed sectors. Aurangzeb assured that tax authorities have comprehensive data on non-filers and advised industrialists to refrain from engaging with Federal Board of Revenue (FBR) personnel.
Regarding the Independent Power Producers (IPPs) issue, the Finance Minister criticized past efforts and expressed a commitment to resolving the matter. He also mentioned the allocation of tax revenue to provinces and collaboration with provincial governments on specific tax implementations.