Quoted by Dawn News
On Sunday, Finance Minister – Muhammad Aurangzeb expressed optimism about securing an extended loan programme with International Monetary Fund (IMF)
He further highlighted that agreements with the IMF are crucial for achieving macroeconomic stability.
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From my perspective, the prime minister agrees that this will be the last IMF program. This is my hope,” he said while expressing his and Prime Minister Shehbaz Sharif’s hopes, during a press conference in Islamabad.
“If we cannot repatriate an investor’s dividends, it will make asking for additional investment difficult,” he added.
In regards to Pakistan’s revenue, he stated that the country has a budget of Rs 9.4 trillion with an estimated revenue target of Rs 9.3tr. He remarked this difference as “hardly anything”
“This shows a growth in tax revenue by 30 per cent year on year,”
“Our work, which is the FBR (tax collection), is to close leakages, cleanse corruption and prevent theft,” he further added. “We will address this by digitalizing FBR from end-to-end and minimizing human intervention.
“We bank and pay bills with our phones,” he said. “Instead of going to [FBR] branches you can use an app. There will be problems with digitalisation, but corruption will go down, as will incentives for it.” The minister hinted that if digitalisation is successful at the FBR, it will be implemented in other institutions as well to “ensure compliance and fill the gaps”.
“Abroad, salaried classes get their taxes deducted at the source,” Aurangzeb said. “If one buys or sells a car or property, they send those amendments to the tax authorities and they will send a form detailing the final tax. A two to three-day process and that is it.” “I am grateful to the FPCCI for sending me the forms,” he said. “This will simplify the process and bring in more filers.”
