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Finance Minister Muhammad Aurangzeb is interviewed during the G20 Finance Ministers and Central Bank Governors' Meeting at the IMF and World Bank's 2024 annual Spring Meetings in Washington. — Reuters/File
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Increasing concerns over the proportional tax burden in Pakistan, Federal Finance Minister Mohammad Aurangzeb announced Thursday that artificial intelligence would be used to increase tax collection.
Addressing a conference on the Pakistan Retail Business Council (PRBC), “Retail Request: Invite, Cooperation and Promotion”, the Minister said that the country’s retail sector, which features in the country’s GDP. 19 % is contributing, only 1 % of taxes, which raises concerns over the lack of contribution to the sector in the national exchequer.
He emphasized that the inappropriate burden of taxes on the manufacturing, services industry, and the salaried class is unstable.
“We need to bring in other classes, including agriculture, real estate, retail and wholesale, tax net.” He approved the bill in his respective assemblies to impose agricultural taxes and praised the provincial government for taking steps towards this purpose.
He said that the government is engaging with the retail sector, and urges them to formulate their business and pay a fair share in taxes. In the national interest, “we can’t afford to take free rides,” it is key to add documents to achieve this goal.
Later, talking to the media, he announced that artificial intelligence would be used to increase tax collection.
Financezar added that cash circulation has Rs 9.4 trillion, which needs to be brought into a formal economy. He admitted that it could not be overnight, but the government was determined to go in the right direction.
The Minister added that the economy has taken a special direction for the better, with economic stability strongly stable in this place because the currency is stable, foreign exchange reserves have increased and inflation has decreased. The rate has decreased significantly, which can reduce the cabor to 23 %. About 11 %
This positive progress is not focusing on anyone as foreign investors are once again taking notice of Pakistan’s economic potential. The institutional flow is returning to the country, in which investment is being made from both the debt and the equity.
The Minister added that Pakistan is actively engaged with international ranking agencies, its credit rating is a clear purpose to upgrade the “Single B” category.
Aurangzeb said that the country has already made significant progress in this direction, with a significant upgrade in the last calendar year. Pushing this pace, Pakistan is expected to get more upgrades, which will have far -reaching effects for its economic prospects.
The “Single B” rating will not only increase Pakistan’s reputation in the eyes of international investors but also to diversify the foundation of its financial support for the country and to re -reach the national capital markets. Will be As a result, Pakistan will once again establish itself as a “banking brand”, which is an important milestone in its economic recovery.
He added that the government, like the past, is focusing on achieving sustainable and comprehensive development rather than being caught in boom and burst cycles.
The Minister said that structural reforms are underway in tax, energy, public -owned businesses (SOEs), and public finance. A major review of the taxation system is underway, which is focusing on digitalization from end to promoting transparency, reducing leakage and fighting corruption.
The introduction of customs without facially showed excited results, in which 80 % of imports were cleared within 118 hours within 18-19 hours. This smooth process has eliminated the money culture of facility by promoting a more efficient and reliable tax authority.
The Finance Minister added that efforts are being made to transfer competitive energy in the energy sector.
He said, the Cabinet Committee, headed by 400 departments in 43 ministries, offering reforms, he added, adding that 20 ministries have already been taken to work and this process is completed by the end of June. Will be
The Finance Minister explained that the private sector is in a position to gain the lead in advancing the country’s development, in which the government provides a policy framework and ensures the continuity of the policy.
To achieve financial discipline, the government has begun a right -shaped exercise and implemented pension reforms, which are now recruiting a new civil bureaucracy on a fixed partnership system.
