Tuesday, July 23, 2024

All Traders to be Brought Under Tax Net Without Exception, Finance Minister

Finance Minister Muhammad Aurangzeb announced that all traders in Pakistan will be included in the tax system to help achieve the ambitious revenue target of Rs13 trillion for the fiscal year 2025. Speaking in Lahore, he emphasized the need to address issues with power distribution to prevent electricity tariffs from rising.Aurangzeb highlighted the importance of encouraging both local and foreign investments to boost the economy. He suggested that closing redundant federal departments and gradually lowering policy rates would help stimulate economic growth. He also mentioned that Pakistan’s foreign exchange reserves have surpassed $9 billion, which is a positive sign for the country’s financial health. The Finance Minister stressed that small and medium-sized enterprises (SMEs) and the IT sector are crucial for maintaining economic stability. The inclusion of all traders in the tax net is seen as a significant step toward increasing government revenue. By broadening the tax base, the government hopes to meet its financial goals and reduce reliance on external borrowing. Aurangzeb’s speech also addressed the need for structural reforms to make the economy more resilient and competitive.He pointed out that addressing power distribution problems is essential to keep electricity costs under control. High tariffs can hurt both businesses and consumers, so finding solutions to these issues is a priority. Encouraging investments is another key focus. By attracting both local and international investors, the government aims to create jobs, increase productivity, and drive economic growth. The plan to close unnecessary federal departments is intended to make the government more efficient and reduce wasteful spending.Aurangzeb also spoke about the gradual reduction of policy rates. Lowering these rates can make borrowing cheaper, encouraging businesses to invest and expand. This, in turn, can lead to more robust economic growth.Overall, Aurangzeb’s announcement covers a comprehensive strategy for boosting Pakistan’s economy. By including all traders in the tax net, addressing power distribution issues, encouraging investments, and focusing on SMEs and the IT sector, the government aims to achieve sustainable economic growth and stability.

Finance Minister Muhammad Aurangzeb announced that all traders in Pakistan will be included in the tax system to help achieve the ambitious revenue target of Rs13 trillion for the fiscal year 2025. Speaking in Lahore, he emphasized the need to address issues with power distribution to prevent electricity tariffs from rising.

Aurangzeb highlighted the importance of encouraging both local and foreign investments to boost the economy. He suggested that closing redundant federal departments and gradually lowering policy rates would help stimulate economic growth.

He also mentioned that Pakistan’s foreign exchange reserves have surpassed $9 billion, which is a positive sign for the country’s financial health. The Finance Minister stressed that small and medium-sized enterprises (SMEs) and the IT sector are crucial for maintaining economic stability.

The inclusion of all traders in the tax net is seen as a significant step toward increasing government revenue. By broadening the tax base, the government hopes to meet its financial goals and reduce reliance on external borrowing. Aurangzeb’s speech also addressed the need for structural reforms to make the economy more resilient and competitive.

He pointed out that addressing power distribution problems is essential to keep electricity costs under control. High tariffs can hurt both businesses and consumers, so finding solutions to these issues is a priority.

Encouraging investments is another key focus. By attracting both local and international investors, the government aims to create jobs, increase productivity, and drive economic growth. The plan to close unnecessary federal departments is intended to make the government more efficient and reduce wasteful spending.

Aurangzeb also spoke about the gradual reduction of policy rates. Lowering these rates can make borrowing cheaper, encouraging businesses to invest and expand. This, in turn, can lead to more robust economic growth.

Overall, Aurangzeb’s announcement covers a comprehensive strategy for boosting Pakistan’s economy. By including all traders in the tax net, addressing power distribution issues, encouraging investments, and focusing on SMEs and the IT sector, the government aims to achieve sustainable economic growth and stability.

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