Islamabad: Finance Minister Muhammad Aurangzeb on Tuesday underscored the importance of bringing the wholesale and retail sectors into the formal tax net, assuring small traders of full facilitation in the process.
Speaking during a meeting with trade representatives at the Finance Ministry, the minister emphasized that effective governance requires all sectors to contribute their fair share in taxes. He reiterated the government’s commitment to implementing tax reforms and integrating businesses into the formal tax network to strengthen the economy.
The meeting was attended by Federal Minister Rana Sanaullah, State Minister Ali Pervez, and Federal Board of Revenue (FBR) Chairman Rashid Langrial. Naeem Mir, Chairman of the Supreme Council All Pakistan Traders Association, joined via video link from Lahore.
During the discussion, Naeem Mir commended the FBR’s modern approach to tackling tax evasion through the use of data analytics and Artificial Intelligence. He highlighted how these initiatives align with Prime Minister Shehbaz Sharif’s vision for digitalizing tax operations, representing a shift away from traditional methods.
Aurangzeb also confirmed the government’s plan to initiate agricultural tax collection starting July, further expanding the tax net to previously untapped areas.
Trade representatives at the meeting expressed their support for the government’s efforts, pledging to cooperate in expanding the tax network. They acknowledged the need for formalizing their sectors and welcomed the FBR’s innovative strategies to achieve this goal.
The Finance Minister assured traders that the government is committed to addressing their concerns and ensuring a smooth transition for businesses entering the formal tax system.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
