Finance Minister Aurangzeb Urges Tax Compliance

During a recent session organized by the Lahore Chamber of Commerce and Industry (LCCI) in response to the budget announcement, Finance Minister Muhammad Aurangzeb delivered a crucial message to businesses. He urged them to avoid offering bribes to Federal Board of Revenue (FBR) officers and instead emphasized the significance of paying taxes to support the nation during economic challenges.

Aurangzeb expressed concerns about a troubling trend where FBR officials are lured with bribes ranging from 5 to 6 percent to underreport taxes. He stressed the need for collective efforts to overhaul the FBR and discouraged any actions that undermine tax integrity.

Highlighting the ongoing digitalization initiatives within the FBR to combat such irregularities, the minister welcomed feedback on government expenditures. He acknowledged measures taken to streamline costs, including reducing the Public Sector Development Programme (PSDP) and implementing pension management reforms.

Aurangzeb underlined the target of achieving a 13% tax-to-GDP ratio in the next three years, expressing worries about sectoral resistance to tax compliance efforts.

Reaffirming his commitment to lessen Pakistan's reliance on the IMF, the minister called for unified support from all stakeholders. He concluded by urging the business community to align with governmental programs, emphasizing that national interests should supersede individual gains to protect Pakistan's economic sovereignty.

The session led by Finance Minister Aurangzeb at LCCI shed light on the critical need for tax compliance, anti-corruption measures, and collaborative efforts to strengthen Pakistan's economy. His call for unity and support from all sectors underscores the importance of prioritizing national interests for long-term economic stability and growth.