Federal Finance Minister Muhammad Aurangzeb has warned of imposing restrictions on those who do not pay taxes so that they will not be able to carry out various activities.
In an interview given to foreign media, Aurangzeb said that the government is now going to abolish the term non-filer and we will impose such restrictions on those who do not pay taxes that they will not be able to do many things. Data of people’s living standard is available with the government.
The federal finance minister further said that the additional burden placed on the salaried and manufacturing sector will be reduced and retailers, wholesalers, agriculture and property sectors will have to be brought into the tax net. The government now has no choice but to make economic reforms. The sectors outside the tax net must be brought under the scope of taxation. Despite the 29 per cent increase in revenue last year, the tax-to-GDP rate remained at 9 per cent. He said that 9 per cent tax-to-GDP cannot stabilize the economy of any country.
Regarding the IMF loan, Aurangzeb said that the support of the United States and the cooperation of China led to the approval of the IMF program.
He said that the US has been investing in Pakistan in the past as well and it is hoped that it will increase in the future. China has the largest amount of loans taken from friendly countries. GSP plus program is lifeline for our exports, he added.
