Finance Minister Muhammad Aurangzeb announced that the government has returned approximately Rs68 billion in income tax refunds since July 1. He emphasized the importance of expanding the tax net and cooperation from all sectors to achieve goals. The Federal Board of Revenue (FBR) allows taxpayers to reclaim excess taxes through the Iris system, but refunds must be claimed within two years. Aurangzeb stated that timely refunds enhance liquidity for businesses to operate effectively and invest in growth.
He addressed skepticism towards the government and emphasized the need for tax reform. The minister discussed the Tajir Dost Scheme to simplify tax registration and application processes. The government also introduced new tax measures, including a capital value tax on properties, increased Federal Excise Duty on air tickets, and a 10% surcharge on individuals earning over Rs10 million annually. Various exemptions and reductions were implemented in different sectors to meet IMF criteria.
Aurangzeb urged the public to raise awareness about untaxed sectors and support economic contributions. He highlighted the importance of starting in the right direction now to avoid significant problems later on.
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