It is true that some firms are leaving the country,Muhammad Aurangzeb
It is true that some firms are leaving the country, we should admit that taxes or energy prices are high: Finance Minister
Addressing the Pakistan Policy Dialogue, the Finance Minister said that tax policy is now with the Ministry of Finance, the job of the FBR is to collect tax revenues, the FBR’s focus is on tax collection, tax policy has been transferred from the FBR to the Finance Division, remittances of $38 billion were received last year and remittances of $41 billion are expected to be received this year.
Muhammad Aurangzeb said that major reforms have been introduced in the tariff sector, it is true that some firms are leaving the country, we should admit that taxes are high or energy prices are high, these are real problems, the more duties we increase, the more it is a loss for us, we have to rationalize the duties and reduce the cost of doing business.
The Finance Minister said that unbanked individuals are being included in the regular financial system, rationalizing tariffs is essential to move towards an export-oriented economy, and all government payments will be transferred to digital channels by June this year.
He added that development is possible only through economic reforms, the aim of government reforms is to reduce the burden on the country's treasury and stabilize the economy.
The Finance Minister said that reducing tariffs will increase Pakistan's exports and industrial production, for the first time, duties on raw materials were reduced through tariff reforms, and the current economic reforms can prove to be an East Asia Movement for Pakistan, while debt repayments have not decreased on their own, we have taken steps.
He said that local investors participated in the privatization of PIA, 24 institutions have been handed over to the Privatization Commission, about one thousand billion rupees are being wasted every year in government institutions, utility stores, PWD and PASSCO were closed, and corruption was taking place in the subsidies given to these institutions.
Addressing the Pakistan Policy Dialogue, the Finance Minister said that tax policy is now with the Ministry of Finance, the job of the FBR is to collect tax revenues, the FBR’s focus is on tax collection, tax policy has been transferred from the FBR to the Finance Division, remittances of $38 billion were received last year and remittances of $41 billion are expected to be received this year.
Muhammad Aurangzeb said that major reforms have been introduced in the tariff sector, it is true that some firms are leaving the country, we should admit that taxes are high or energy prices are high, these are real problems, the more duties we increase, the more it is a loss for us, we have to rationalize the duties and reduce the cost of doing business.
The Finance Minister said that unbanked individuals are being included in the regular financial system, rationalizing tariffs is essential to move towards an export-oriented economy, and all government payments will be transferred to digital channels by June this year.
He added that development is possible only through economic reforms, the aim of government reforms is to reduce the burden on the country's treasury and stabilize the economy.
The Finance Minister said that reducing tariffs will increase Pakistan's exports and industrial production, for the first time, duties on raw materials were reduced through tariff reforms, and the current economic reforms can prove to be an East Asia Movement for Pakistan, while debt repayments have not decreased on their own, we have taken steps.
He said that local investors participated in the privatization of PIA, 24 institutions have been handed over to the Privatization Commission, about one thousand billion rupees are being wasted every year in government institutions, utility stores, PWD and PASSCO were closed, and corruption was taking place in the subsidies given to these institutions.
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