Sat, 13 Jul 2024
( 07 Muharram 1446 )

Aurangzeb vows all traders to be taxed at any cost

07 July, 2024 10:23

Finance Minister Senator Muhammad Aurangzeb has categorically said taxes would be imposed on all traders without exception and at all costs.

Addressing business leaders at the regional office of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in Lahore, the finance minister reiterated the government’s commitment to meet an ambitious revenue target projected in the budget FY25,

The rise in the tax target is made up of a 48 per cent hike in direct taxes and a 35 per cent increase in indirect taxes over revised estimates of the last fiscal year. Non-tax revenue, including petroleum levies, is seen hiking by 64 per cent.

Aurangzeb while stressing that the budget should be viewed from a broader perspective said the economy was moving towards macroeconomic stability.

The government has earlier presented the federal budget on June 12 with a challenging tax revenue target of Rs13 trillion for the year starting July 1, up about 40 per cent from the current year, to bolster the case for a new bailout agreement with the International Monetary Fund (IMF).

Amid calls to prevent further electricity price hikes,

The federal finance minister stressed the imperative to put the distribution companies (Discos) in order, adding. otherwise, the electricity tariff would continue to increase as it has been lately.

Aurangzeb underscored the significance of investment both from inside and outside the country and highlighted the need for economic stability through comprehensive budgetary perspectives. He added that foreign investors are as important for the country as the local ones.

 

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