Federal Minister for Finance Muhammad Aurangzeb announced an increase in the number of tax filers in Pakistan for FY2024.
During a press conference in Islamabad, he emphasized that macroeconomic stability is a continuous journey, highlighting the government’s commitment to strengthening the economy.
Aurangzeb noted that the number of tax filers has doubled since last year, totalling 3.2 million, up from 1.6 million. He added that 723,000 new filers entered the tax net this year. He also mentioned that non-filers would face restrictions on purchasing vehicles and property.
The Minister revealed plans to streamline the Federal Board of Revenue (FBR) and stressed the necessity of organizational reforms. Six ministries will be abolished, two merged, and additional reforms will be implemented across government institutions to improve efficiency.
Aurangzeb expressed optimism about the economic future, expecting the exchange and policy rates to meet forecasts.
He reported a 29% rise in exports, primarily driven by the IT sector’s growth. He credited the prime minister’s leadership and effective government policies with these economic improvements, increased foreign exchange reserves and a drop in inflation to single digits.
Furthermore, he commended the role of the caretaker government in securing the IMF program.
Aurangzeb highlighted the timely repayment of a $2 billion debt in June and the reduction in the policy rate to 4.5%. He associated the fall in inflation with the lowered policy rate.
