ISLAMABAD: Federal Minister for Finance and Revenue, Muhammad Aurangzaib on Friday said that the government is committed to increase the tax to Gross Domestic Product (GDP) ratio to 13 percent, which is currently very low stand at 9.5 percent.
The minister said that the country has achieved macroeconomic stability and by continuing economic stability this FY, 2024-25, “We will lead the country towards sustainable economic growth.”
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Meanwhile, participating in discussion on the budget 2024-25, in the National Assembly, he said that there is economic stability in the country at the moment and all the economic indicators including current account, fiscal deficit, inflation and foreign exchange reserve are stable and in control.
The minister said that the government is committed to go for reconstruction and digitisation of Federal Board of Revenue (FBR) to take tax to GDP to 13 percent. He said that there will be no category of non-filer in the tax system and everyone will have to pay tax.
Aurangzaib said that tax evasion will be stopped and the tax net will be increased for retailers and the real estate sector in the country. He said that the current account deficit has decreased, the financial deficit is also under control and the country currently has a foreign reserve of $ 9 billion, which has provided an import cover of 2 months.
He said that inflation has come down from 38 percent to 11 per cent and similarly food inflation is sustained at two per cent now. He said that State Owned Enterprises (SOEs) and energy sector reforms will start and the process of privatisation will be completed in the coming three years.
