The International Monetary Fund (IMF) emphasized the need for broad tax reforms in Pakistan, highlighting the weak revenues of the country and excessive dependence on the official sectors of taxes.
Speaking at the “Return Retirement Conception: Innovation, Cooperation and Flooding”, the President of the International Monetary Council of Benchi indicated that some sectors contribute only little to the national treasury, which puts an excessive burden on individuals who wear salaries and companies working in compliance with tax laws.
Finance Minister Mohamed Uranquit repeated these concerns, noting that the retail sector in Pakistan represents 19 % of GDP, but it contributes only 1 % to taxes. He warned that the current tax structure, as the official sector supports tax evaders, cannot be tolerated. He said that the government is committed to enforcing compliance, especially in agriculture, sentence/retail and real estate – which have long avoided taxes.
Aurangzeb has also announced that artificial intelligence (AI) will be spread to enhance tax collection, and targets 9.4 trillion rupees in cash trading outside the official economy. He admitted that bringing unable companies to the tax network would take time, but stressed that the government is moving firmly in this direction.
In Pakistan’s economic expectations, the Minister of Finance said that total economic stability may improve, with a stable currency, with higher foreign currencies, low inflation, and a sharp decrease in the cable from 23 % to 11 %. He added that foreign investors were preparing confidence, as capital flows in each of the debt and shares markets increased.
At the conference, the president of the Sainstore Association in Pakistan (CAP) ASFandyar Farrukh indicated that only 10 % of the retail sector in the tax network, while 90 % is still unable, makes it difficult for compatible companies.
Meanwhile, the Deputy Governor of the Pakistani State Bank (SBP) announced that the digital payment system in Pakistan will be fully implemented within five years, while the FBR LeGan member of the sale points), a system, has generated 660 million receipts in the last fiscal year.
Wazir admitted that the Tajir Dost (TDS) chart failed to meet expectations, but policy measures have led to an increase in the files of the tax declaration of the retail sector.
The internal revenues of the FBR HAMID ATEEQ SARWAR member stated that although the conditions of the International Monetary Fund led to the withdrawal of tax concessions of retailers from level 1, the low tax rate can be considered if no adjustments to the inputs-to agree to the IMF. International.
