Govt focuses on fair taxation for manufacturing, salaried sectors

December 20, 2024 (MLN): The government remains dedicated to increasing the country’s tax-to-GDP ratio by expanding the tax base and addressing the disproportionate tax burden on sectors such as manufacturing and the salaried classes.

This statement was highlighted by the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb during a meeting with Mr. Karim Yahi, Global CEO of Coca-Cola Içecek (CCI), as per the press release issued yesterday.

The Ministry has reiterated the government’s commitment to restructuring and transforming the country’s tax machinery.

The aim is to create an efficient and equitable tax system through the introduction of people-processed technology and comprehensive digitalization.

The visiting delegation provided the Minister with an overview of CCI’s extensive operations in Pakistan, which include seven state-of-the-art production facilities.

They also highlighted the company's substantial contributions to the national economy through investments and the creation of thousands of direct and indirect jobs.

The Ministry also emphasized its commitment to sustainability and shared its vision for the continued expansion of its business in Pakistan. 

The Finance Minister appreciated CCI’s role as a key investor and economic contributor in Pakistan.

He commended the company’s efforts to promote sustainable business practices, boost industrial growth, and create employment opportunities across the country.

Highlighting the government’s commitment to fostering an investor-friendly environment, Senator Aurangzeb stated:

“The Government of Pakistan deeply values the contributions of multinational corporations like Coca-Cola Içecek in strengthening our economy and generating employment.

We are committed to ensuring a business environment that promotes innovation, growth, and sustainability.” 

Discussions during the meeting touched upon taxation policies and their impact on the beverage sector.

The Finance Minister underscored the government’s commitment to equitable taxation policies that foster economic growth while ensuring sustainable revenue generation.

He expressed appreciation for CCI’s proactive approach in engaging with the government on policy matters, emphasizing that such dialogue is vital to aligning business practices with national economic goals.

The Minister reiterated that the Government of Pakistan recognizes the importance of maintaining a balanced taxation framework that supports industrial growth while ensuring fiscal responsibility.

The meeting ended with a mutual commitment to ongoing stakeholder engagement and collaboration to promote sustainable development and long-term economic growth in Pakistan.

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