Finance Minister Aims for Transparency, Eyes 10% Tax Share in National Income
ISLAMABAD, Mar 13: Federal Finance Minister, Muhammad Aurangzeb, reiterated the government's commitment to enhancing transparency within the tax system, aiming to increase the tax revenue's share in the national income to 10%.
Addressing the media in Islamabad on Wednesday, Minister Aurangzeb emphasized the priority placed on transparency within the tax framework. He expressed the government's intention to pursue a significant and long-term program with the International Monetary Fund (IMF), aligning with Prime Minister Shehbaz Sharif's vision for economic improvement.
"We want to take a substantial program according to our quota with the IMF, ensuring continuity and economic discipline," stated Aurangzeb, highlighting the goal of economic stability beyond IMF requirements.
Regarding the current IMF program, Aurangzeb assured that there are no obstacles in receiving the last tranche, amounting to 1.1 billion dollars. He also outlined the government's preparation of an initial outline for a new IMF loan program, with economic stability serving as a mutual goal for both parties.
Reflecting on the caretaker government's efforts in economic improvement, Aurangzeb commended Fawad Hasan Fawad's diligent handling of privatization issues and expressed a commitment to digital tax revenue collection.
Furthermore, Aurangzeb mentioned the potential for environment funding discussions within the IMF loan program, citing instances where the IMF has extended loans beyond quotas to support environmental initiatives in other countries.
Subsequently, Minister Aurangzeb visited the Federal Board of Revenue (FBR) headquarters, where he received briefings on tax collection targets, future projections, and proposed reforms within the FBR. Aurangzeb directed FBR officials to expedite digitization efforts and ensure complete transparency in tax collection processes.
