Karachi: Finance Minister Muhammad Aurangzeb has highlighted the need for reforming the tax system to enhance the country’s economy. Speaking at a Gong ceremony at the Pakistan Stock Exchange in Karachi, he stated that the government is collaborating with the law ministry and the Federal Board of Revenue (FBR) to address tax revenue leakage and broaden the tax net.
Aurangzeb outlined a two-pronged strategy for structural reforms, focusing on both short and medium-term goals. He emphasized that reforms in the FBR are being implemented through the introduction of a track and trace system and the digitization of operations to ensure transparency and increase tax collections.
Recognizing the vital role of the private sector in economic development, the Finance Minister underscored the importance of the capital market in promoting economic growth. He expressed the government’s commitment to creating a conducive regulatory environment in coordination with relevant departments to foster economic growth.
Aurangzeb also highlighted the government’s focus on the capital market to enhance market efficiency, transparency, and investor protection. He called for increased cooperation between the Pakistan Stock Exchange and Chinese stock exchanges, emphasizing the importance of Chinese investment and partnership.
In a separate statement to the media, Aurangzeb announced a twelve billion rupees Ramadan package provided by the government to offer relief to the people. He also noted the improvement in the country’s current account, which was in surplus last month, indicating positive economic developments.
