FM aims to improve financial stability with Tax-to-GDP goal

December 27, 2024 (MLN): The government of Pakistan has set a tax-to-GDP ratio target of 13.5% over the next three years to improve financial stability, said Finance Minister Muhammad Aurangzeb while addressing a news conference alongside Minister for Information and Broadcasting Attaullah Tarar and Minister of State for Finance Ali Pervez Malik yesterday. 

He further outlined that the country has been struggling with a ratio of 9-10%.

Muhammad Aurangzeb said the digitalization of FBR is aimed at enhancing transparency, as per the press release issued yesterday.

He said that approval of the design phase of digitalization was given by Prime Minister Shehbaz Sharif in September this year and now we are in the execution phase of this process.             

The Minister of State for Finance and Revenue Ali Pervez Malik underlined the need for increasing revenue and tax sources along with making the taxation process judicious so it does not burden a particular segment of society, especially the common man.  

The Finance Minister said taxation reforms have a key role in fiscal stability.   

The Minister said while bridging the tax gap and controlling tax leakages, every possible effort will be made to ensure that the common man does not suffer.

Minister for Information and Broadcasting Attaullah Tarar said Pakistan is fully complying with the requirements of international regulations.    

He said there is nothing in Pakistan's judicial system which may be contrary to international covenants.

Attaullah Tarar said the right to a fair trial has been fully ensured in Pakistan and is enunciated in the Constitution.

He said there is no doubt about our compliance with international covenants and with the due process of law.         

Earlier, Minister of State for Finance and Revenue Ali Pervez Malik said improved governance and economic management during the last few months of the incumbent government have yielded results.

He said the inflation rate has dropped significantly and the fruits of our economic reforms have reached the common man.

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