Aurangzeb emphasized a 30% rise in tax collection in FY 2024 and outlined reforms to broaden the tax base, including new agricultural taxes and digital initiatives at the FBR
\nIslamabad
\nFederal Minister for Finance and Revenue Senator Muhammad Aurangzeb had a zoom meeting with the representatives from Moody\u2019s Ratings at Finance Division today. The meeting was also attended by senior officials of the Ministry.
\nThe Federal Minister commenced the session by giving an update on Pakistan\u2019s economic outlook. He highlighted the foreign exchange reserves surpassing USD 9 billion, stable CPI inflation at 12.6%, and a robust 7.7% increase in foreign remittances, reflecting economic resilience.
\nHe emphasized a 30% rise in tax collection in FY 2024 and outlined reforms to broaden the tax base, including new agricultural taxes and digital initiatives at the FBR. He also noted that over 150,000 retailers have registered as first-time taxpayers, marking a significant stride towards broadening the tax base.
\nThe Minister mentioned the ambitious targets aimed to increase revenues by 3% of GDP by FY 2027, with plans for a primary surplus of 1% of GDP, demonstrating Pakistan\u2019s commitment to fiscal sustainability and growth.
\nFurthermore, Minister Muhammad Aurangzeb updated Moody\u2019s representatives on the successful completion of Pakistan\u2019s 9-month Stand By Arrangement with the IMF, emphasizing its positive impact on macroeconomic indicators.
\nHe highlighted multilateral institutions\u2019 confidence in financing Pakistan\u2019s developmental projects and apprised Moody\u2019s of Pakistan\u2019s recently finalized Staff-Level Agreement (SLA) with the IMF for a new medium-term program.
\nThe Minister underscored ongoing reforms in the energy sector and State-Owned Enterprises, including privatization and rightsizing efforts aimed at improving operational efficiency and governance.
\nMoody\u2019s Ratings representatives appreciated the comprehensive briefing and expressed confidence in Pakistan\u2019s economic trajectory underpinned by robust fiscal reforms and strategic initiatives.<\/p>\n","protected":false},"excerpt":{"rendered":"
Aurangzeb emphasized a 30% rise in tax collection in FY 2024 and outlined reforms to broaden the tax base, including new agricultural taxes and digital initiatives at the FBR Islamabad Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb had a zoom meeting with the representatives from Moody\u2019s Ratings at Finance Division today. The meeting […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-420209","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n