Finance Minister Muhammad Aurangzeb extended his heartfelt Eid greetings to the nation and held meetings with farmers and businessmen in Kamalia to discuss ‘achievements’ and challenges faced in the region.
He clarified that countries run on taxes and not from charity.
The Finance Minister noted that agricultural and industrial growth in Kamalia is encouraging.
Minister Aurangzeb reiterated the principles outlined in his budget speech, emphasizing that while charity runs schools, universities, and hospitals, a country's treasury relies on taxes.
The minister stated that the country's economy is on a path to improvement and stressed the importance of balancing the system to sustain growth.
Tax System Enforcement
He announced that efforts are being made to bring more sectors into the tax net, with 31,000 to 32,000 retailers registered. Retailer pre-tax enforcement will begin in July.
Tax Compliance
The Finance Minister highlighted the need for strict enforcement of tax laws, asserting that tax authorities must ensure compliance.
No reduction in govt expenditure
Aurangzeb acknowledged that there has been no reduction in government expenditure and emphasized the necessity to reduce it. He mentioned that certain ministries have been earmarked for closure to cut costs.
Sales Tax Priority
He also indicated a preference for sales tax and mentioned that departments previously not paying taxes are being integrated into the tax system.
Minister Aurangzeb shared his experience of living in the private sector for six years, expressing confidence in understanding the potential and limitations of both sectors.
Finance Minister Aurangzeb conveyed optimism about the country's economic future and reiterated the importance of tax enforcement and government expenditure reduction to achieve sustainable growth.
