In the next 3 years, the target has been set to increase the tax to 3%, Finance Minister
Finance Minister Muhammad Aurangzeb announced an ambitious plan to boost the country’s revenue, aiming to take it to 1.5 percent of GDP by fiscal year 2025. Over the next three years, he set an even bigger goal: increasing tax revenues to 3 percent. GDP
According to a News report, the Finance Ministry has issued a statement regarding Finance Minister Muhammad Aurangzeb’s virtual meeting with representatives of Fitch Ratings.
According to the announcement, Fitch acknowledged the positive developments in Pakistan’s economic indicators and appreciated the government’s fiscal targets and economic strategy.
During the meeting, Finance Minister Muhammad Aurangzeb briefed the representatives of Fitch on the main economic objectives of the new financial year.
He outlined that a primary surplus of one percent of GDP is likely to be achieved by FY 2025, stressing that the economic reform agenda will be reinforced by the IMF agreement. .
He noted a 7.7 percent increase in remittances during the last financial year, as well as a reduction in inflation and stabilization of financial reserves.
During the briefing, he highlighted that more than 150,000 retailers have been registered as taxpayers and exports of the information technology sector have crossed three billion dollars.
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