IslamabadFinance Minister Mohamed Uranzib announced on Wednesday that the tax policy office (TPO) will work fully within a few days, a step aimed at helping taxpayers, industrialists and the business community. The Minister participated in this update during a meeting with the Chamber of Commerce and Industry (SCCI), as stated by the press release of the Finance Department.
Aurangzeb again emphasized the government’s commitment to expanding the country’s tax base and adopting a “focused approach” to turn Pakistan into an export economy. He stressed that the recent steps of the government to simplify the tax system will make TPO a valuable tool for taxpayers and companies.
Earlier this month, the Federal Cabinet approved the establishment of TPO within the Ministry of Finance as part of the wider economic reform agenda. According to the ministry’s notification, TPO will play an important role in analyzing policies and tax proposals, providing data modeling, supporting revenue and economic prediction. In addition, it will help with international tax treaties and obligations in Pakistan.
The Minister of Finance also highlighted that the introduction of information technology and digitization into the Federal Reearch Council (FBR) is designed to simplify the tax process, save time and ensure greater financial transparency.
Aurangzeb emphasized the government’s efforts to enhance sustainable and comprehensive economic growth. He pointed out that the current government has placed Pakistan on the “right track”, but stressed that the private sector is now responsible for the country’s development leadership.
The minister encouraged the private sector to play a more active role in promoting business and manufacturing, especially in resources rich provinces such as Khaybar Bakhtongua and Baluchistan. He stressed that the government will continue to support efforts that aim to generate job opportunities and reduce poverty, especially for young people in these areas.
Finally, Aurangzeb emphasized the importance of balancing revenues and expenses as a major element in achieving long -term prosperity for the nation.
