Pakistan’s Finance Minister, Mohammad Aurangzeb, announced stringent measures for tax return non-filers, stating they will no longer be able to open bank accounts or purchase vehicles and properties.
The Finance Minister emphasized that the government will also impose taxes on real estate and retail trades to strengthen fiscal compliance. During an exclusive interview with Samaa News, Aurangzeb detailed that these measures are part of broader efforts to stabilize the economy, which saw improvements in the past fiscal year, including an enhanced credit rating and a potential reduction in interest rates.
Further elaborating on fiscal policies, Aurangzeb revealed that the policy rates are anticipated to continue their downward trend, bolstered by the receipt of one billion dollars from the International Monetary Fund (IMF). He also mentioned the potential of receiving additional funds from the IMF’s climate initiatives and noted a rise in remittances contributing to the national economy.
The Finance Minister highlighted new financial agreements with the provinces, where certain financial responsibilities will be shared. He praised Khyber Pakhtunkhwa for being the first to align with these new fiscal guidelines. Aurangzeb expressed a commitment to ensuring uniform tax enforcement across provinces, with a specific focus on implementing agricultural income tax, a process currently being finalized.
