FinMin rules out additional tax measures amid positive IMF talks

Finance Minister Muhammad Aurangzeb has made it clear that no additional tax measures are under consideration at present.

Speaking to the media in Islamabad, Aurangzeb expressed determination to achieve the target of raising the tax-to-GDP ratio to 11 per cent. He made it clear that no additional tax measures are under consideration at present.

He mentioned that several tax cases are pending in the courts and that progress in these cases is expected to improve tax collection.

The FinMin said that negotiations with the International Monetary Fund (IMF) were progressing well. 

Earlier, in a meeting of the Senate Standing Committee on Finance chaired by Senator Salim Mandviwala, the finance minister said that macroeconomic stability has been restored. The finance czar announced that the government plans to issue $250 million in Panda bonds by the end of November, with a total of $1 billion to be issued gradually.

Aurangzeb added that the budget for the next fiscal year will not be prepared by the Federal Board of Revenue (FBR). Instead, the Tax Policy Office within the Ministry of Finance will take responsibility for the new budget. The Tax Policy Office is being activated and will consult on the budget throughout the year.

Finance Minister Muhammad Aurangzeb has indicated plans to hold an investor conference in Washington this month.

Aurangzeb said the conference aimed to boost US investment in the energy, mining and technology sectors, adding that three global rating agencies have raised Pakistan’s rating.

The improvement is based on better financial management and increased income, the finance minister added.