Finance Minister Muhammad Aurangzeb on Sunday said that all sectors would have to contribute towards increasing the country\u2019s tax-to-GDP ratio, adding that the salaried class were at their limit and could not contribute anymore.<\/p>\n
The finance minister has repeatedly underscored the need for strict enforcement of tax laws amid plans for the Federal Board of Revenue (FBR) to undergo full digitalisation to reduce human interaction and enhance efficiency. FBR\u2019s performance will be reviewed as part of the tax transformation plan, and the second phase of \u201crightsizing\u201d is expected soon.<\/p>\n
While speaking to the business community in Kamali, the finance minister said, \u201cAnd they are certain segments that need to pay taxes and they will have to pay taxes now, he said.<\/p>\n
He added that every single segment in this country will have to contribute because Pakistan\u2019s tax-to-GDP ratio was only 9 to 10 per cent while neighbouring countries had it around 18pc. He added that the government had only talked about reaching 13pc.<\/p>\n
\u201cThen people say that your institution is very corrupt, that your institution harasses people \u2014 which is correct,\u201d he admitted, adding that it was important to acknowledge the problem to start working on it.<\/p>\n
\u201cSo we are tackling the issue with people-processed technology. The more technology comes, the less the human intervention,\u201d he stressed.<\/p>\n
On privatisation, the finance minister said that the government needed to play the role of a regulatory body rather than controlling businesses.<\/p>\n
\u201cI don\u2019t know if there are any Passco people here but it is the most corrupt institution. That is why the prime minister has said that it needs to be closed and that is how we are taking it forward,\u201d he said.<\/p>\n
The minister added that there was a need to keep a \u201cstrategic reserve\u201d but questioned whether it should be within the government.<\/p>\n
\u201cI am very clear as finance minister that we need to bring as many things towards the private sector \u2014 provided it is all regulated, God willing, so there are no monopolies,\u201d he said.<\/p>\n
He noted the poor standard of government research institutes, \u201cAll this research, where is it? Where are we in terms of the research? Why hasn\u2019t that delivered results?\u201d he rhetorically asked, \u201cBecause when I looked at the research institutes, 80 to 90pc [of the funds] of it are going into salaries.\u201d<\/p>\n
He said that 10pc of it should be going into salaries and 80pc into research, public-private partnerships and other universities.<\/p>\n
\u201cAs far as I\u2019m concerned, I am very clear all the institutions should be closed. Private sector people like you should come forward.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Finance Minister Muhammad Aurangzeb on Sunday said that all sectors would have to contribute towards increasing the country\u2019s tax-to-GDP ratio, adding that the salaried class were at their limit and could not contribute anymore. The finance minister has repeatedly underscored the need for strict enforcement of tax laws amid plans for the Federal Board of […]<\/p>\n","protected":false},"author":1,"featured_media":4228,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/4227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4227"}],"version-history":[{"count":1,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/4227\/revisions"}],"predecessor-version":[{"id":4229,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/4227\/revisions\/4229"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/media\/4228"}],"wp:attachment":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}