Customs clearance time slashed to 18 hours: Finance Minister

February 21, 2025 (MLN): The customs process has been reduced from several days to just 18 hours as obstacles to clearance have been removed, and tax reforms are being transformed through innovation.

This was stated by Finance Minister Muhammad Aurangzeb while addressing the Retail Business Council.

Discussing tax reforms, he stated that the government is transforming the taxation system through innovation, according to the press release issued.

Additionally, he underscored the ongoing rightsizing of state institutions as part of broader reform efforts.

Acknowledging past contributions, he noted that the rightsizing initiative began during the tenure of the Pakistan Tehreek-e-Insaf (PTI) government and credited Dr. Ishrat Hussain for his excellent work in advancing these reforms.

Addressing concerns about the tax burden, Muhammad Aurangzeb acknowledged the financial strain on the salaried class, stressing that continuous taxation of this group is not a sustainable solution.

 He emphasized that other sectors, including agriculture and retail, must also contribute their fair share to tax revenue.

He pointed out that while the agricultural sector holds a major share in the economy, its tax contribution remains low.

Similarly, the retail sector, despite its significant economic footprint, contributes little to tax revenues.

The finance minister reaffirmed the government’s commitment to tackling tax evasion, warning that strict measures will be implemented against those who evade taxes.

He declared that sales tax evasion and the issuance of fake invoices would no longer be tolerated, as continuous tax evasion is unsustainable for the country’s financial stability.

Regarding economic stability, Muhammad Aurangzeb noted that the government has improved foreign exchange reserves and successfully reduced interest rates.

He expressed confidence that the economy is moving in the right direction under the active leadership of the Prime Minister.

Furthermore, he assured that Pakistan remains in close contact with multilateral institutions and is focused on achieving sustainable economic growth rather than temporary improvements.

As part of the reform process, he mentioned that the government is already receiving budget proposals from the business community.

“We are strictly implementing economic reforms”, he concluded.

Copyright Mettis Link News