Govt making all out efforts to achieve financial stability: Aurangzeb

ISLAMABAD: Finance Minister Muhammad Aurangzeb has emphasized the government’s commitment to achieving financial stability through comprehensive efforts.

Addressing a press conference in Islamabad today alongside Minister for Information and Broadcasting Attaullah Tarar and Minister of State for Finance Ali Pervez Malik, the Finance Minister highlighted the importance of taxation reforms in attaining fiscal stability.

He pointed out that the country’s tax-to-GDP ratio has stagnated between 9-10 percent for years but set a target of 13.5 percent for the next three years to improve this metric.

Aurangzeb stresses for vibrant Social Impact Financing framework

Muhammad Aurangzeb also mentioned the ongoing digitalization of the Federal Board of Revenue (FBR) to enhance transparency. He noted that Prime Minister Shehbaz Sharif approved the design phase of this initiative in September, and it has now moved into the execution stage.

He assured that while addressing tax gaps and curbing leakages, every effort would be made to ensure that the common man remains unaffected.

Minister for Information and Broadcasting Attaullah Tarar reaffirmed Pakistan’s adherence to international regulations, stating that the judicial system fully aligns with global standards. He emphasized that the right to a fair trial is enshrined in Pakistan’s Constitution and assured there is no deviation from international covenants or legal due processes.

Earlier, Minister of State for Finance and Revenue Ali Pervez Malik credited improved governance and economic management in recent months for positive results.

He highlighted a significant decline in inflation and noted that the benefits of economic reforms have started reaching the common man. Additionally, he stressed the importance of broadening the revenue base and making the taxation system equitable, ensuring that no single group, particularly the common man, bears an undue burden.