Finance Minister Muhammad Aurangzeb revealed that the number of tax filers for the current fiscal year almost doubled compared to last year, with around 723,000 new filers registering themselves. Prime Minister Shehbaz Sharif recently approved strict measures for tax enforcement and compliance, including a ban on banking transactions for non-filers.
During a press conference in Islamabad, the minister emphasized the government’s commitment to combat tax evasion and move towards a documented economy. He highlighted the importance of digital interfaces to reduce human intervention and ensure fair tax collection without harassment.
Aurangzeb also discussed the country’s economy, stating that the tax-to-GDP ratio is crucial for stability. He mentioned the successful completion of an IMF agreement and emphasized the need for structural reforms for macroeconomic stability.
The Minister reiterated that this would be the last IMF program the country undertakes, with a focus on reforms in energy and privatization. Additionally, efforts to reduce federal expenditures through rightsizing were underway, with six ministries being rationalized to improve efficiency.
Overall, the government’s measures aim to increase tax compliance, strengthen the economy, and ensure long-term stability.