Aurangzeb says tax-to-GDP ratio to increase from 9-10% to 13% in three years

Islamabad: Finance Minister Muhammad Aurangzeb says the government is making all-out efforts to achieve financial stability.

He was addressing a news conference alongside Minister for Information and Broadcasting Attaullah Tarar and Minister of State for Finance Ali Pervez Malik in Islamabad today.

The Finance Minister said taxation reforms have a key role in fiscal stability. He said the country has been languishing between 9-10 percent in terms of tax to GDP ratio but we have set a target of 13.5 percent for next three years to improve this standing.                     

Muhammad Aurangzeb said digitalization of FBR is aimed at enhancing transparency. He said that approval of design phase of digitalization was given by Prime Minister Shehbaz Sharif in September this year and now we are in execution phase of this process.     

The Minister said while bridging tax gap and controlling tax leakages, every possible effort will be made to ensure that common man does not suffer.

Speaking on the occasion, Minister for Information and Broadcasting Attaullah Tarar said Pakistan is fully complying with the requirements of international regulations.    

He said there is nothing in Pakistan's judicial system which may be contrary to international covenants.

Attaullah Tarar said the right to a fair trial has been fully ensured in Pakistan and is clearly enunciated in the Constitution.

He said there is no doubt about our compliance with international covenants and with the due process of law.         

Earlier, Minister of State for Finance and Revenue Ali Pervez Malik said improved governance and economic management during the last few months of the incumbent government have yielded results.

He said the inflation rate has dropped significantly and the fruits of our economic reforms have reached the common man.

The Minister of State underlined the need for increasing revenue and tax sources along with making the taxation process judicious so it does not burdenize a particular segment of segment of society especially common man.