FM pledges tax reforms with focus on transparency, documentation

November 27, 2024 (MLN): The Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb on Tuesday outlined the government's policy to enhance tax revenues through better documentation and financial transparency during a meeting with the International Accounting Standards Board (IASB) delegation.

During the meeting, Mr. Ashfaq Tola, Chairman of the Reforms and Resource Mobilization Commission of Pakistan (RRMC) emphasized the importance of standardizing financial regimes to align with global practices, according to the press release issued.

He expressed the importance of fostering investor confidence, both domestic and international.

Mr. Ashfaq Tola reiterated the government’s commitment to ensuring policy continuity to create a conducive environment for sustainable economic growth.

Dr. Andreas, Chairman of IASB, acknowledged Pakistan’s leadership in adopting international accounting standards and commended the country for being an early follower of global practices.

He appreciated the support provided by ICAP in emphasizing the role of professional organizations in promoting financial transparency and capacity building.

The Minister stressed that transparency and standardization are essential to attract investment and build confidence in Pakistan’s economic framework.

The participants discussed the challenges and opportunities associated with the implementation of International Financial Reporting Standards (IFRS) in Pakistan.

The meeting concluded with a mutual commitment to further strengthen Pakistan’s financial documentation and reporting practices in line with international standards.

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