There are problems due to the economy not being ‘documented’, Federal Finance Minister – Business & Economy

Federal Finance Minister Muhammad Aurangzeb has said that the revenue target for this year is 9400 billion rupees. The turnover of Pakistani economy is more than 300 billion dollars.

Addressing the pre-budget conference held in collaboration with the Daily Business Recorder and the Federation of Pakistan Chambers of Commerce and Industry, the Federal Finance Minister said that we are facing difficulties due to the lack of documentation of the economy. We have to move the tax system forward in a positive way.

The Federal Finance Minister said that clapping is done with both hands. If we are to get out of the crisis, the private sector has to play its role to the fullest. It is the government’s job to make policy and the private sector has to implement it. We have to see where the country stands. Business is not a government issue. The government will only see how the private sector can be supported.

The Federal Minister of Finance said that we will also negotiate and provide facilities. Documentation of economy is to be done. The government will not back down in this matter. We have to start expanding the tax net from somewhere. Current account and budget deficits are to be eliminated. We will also bring traders into the tax net. The salaried class is also taxed.

But in his speech at the budget conference, Dr. Ikram ul Haq Advocate said that we have to ensure the documentation of the economy. It is simply unfortunate that the rate of documented economy is declining.

Former president of Lahore Chamber of Commerce and Industry Almas Haider while addressing the pre-budget conference said that every vehicle is taxed up to 58%. Women constitute 52 percent of the population. They should be encouraged. If there is to be progress, women must be given room to flourish.

Speaking at the Pre-Budget Conference, FPCCI Vice President Chaudhary Fayaz said that there are many problems in the country regarding paying taxes. We have to make things easier for taxpayers. 17 percent of GDP in India and 20 percent in Nepal.