ISLAMABAD: Finance Minister Muhammad Aurangzeb announced that China has assured its support for Pakistan in securing approval of International Monetary Fund board.

Addressing press conference here, Aurangzeb shared that China has expressed appreciation for Pakistan's ongoing talks with IMF and has pledged to assist in approval process. Minister highlighted cooperation from Saudi Arabia in these efforts.

FinMin stressed government's commitment to improving economy, stating, "Steps are being taken to ensure economic stability without imposing undue burdens on lower class."

He detailed trader-friendly scheme aimed at simplifying tax process and strengthening economy through tax compliance. "Paying tax dues will fortify our economy. Refund administration is being streamlined to facilitate this," he added.

He reported that since July 1, refunds amounting to approximately Rs 70 billion have been processed. He underscored significance of these refunds, recounting his own experience as salaried individual who paid highest tax just few months ago.

Efforts to broaden tax base are ongoing, including discussions to bring agriculture sector into tax net. "Tax defaulters are not sincere with country and its people. Strengthening our economy requires compliance with tax obligations," he remarked.

Discussing Customs, Aurangzeb revealed under-invoicing issues amounting to Rs 50 to Rs 200 billion. He mentioned ongoing Cabinet committee discussions about merging certain ministries, including potential merger of IT and Telecom sectors, to enhance efficiency.

Published in The Daily National Courier, July, 29 2024

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.