Federal Finance Minister Muhammad Aurangzeb addressed a post-budget press conference, asserting the necessity of imposing higher taxes on high-income individuals. He emphasized that such measures are crucial and should not be met with objections.
Aurangzeb faced protests from journalists about the increased taxes on the salaried class. Despite these protests, he stood firm on the need to broaden the tax base. He argued that a wider tax base is essential for the country’s economic stability and growth.
The minister highlighted the government’s commitment to digitizing the economy, a move aimed at reducing corruption and enhancing transparency in financial transactions. This digitization effort is seen as a critical step towards modernizing Pakistan’s financial systems and ensuring fair tax collection.
Additionally, Aurangzeb discussed the gradual increase of the petroleum levy, a necessary step to meet fiscal requirements. He explained that this gradual increase would help the government manage its financial resources more effectively without causing sudden shocks to the economy.
The minister also noted that the tax rate for non-filers has been raised, further emphasizing the government’s determination to bring more people into the tax net. By increasing the tax rate for non-filers, the government aims to encourage compliance and ensure that all citizens contribute their fair share to the national revenue.
Aurangzeb highlighted Pakistan’s significant freelancer population and underscored the importance of the IT sector. He stressed that digitizing tax systems is crucial for curbing tax evasion and supporting the growing number of freelancers.
The minister pointed out that the IT sector is a vital part of the economy, and efforts to digitize tax collection will help ensure that this sector contributes adequately to the national exchequer.
