Govt considering incorporating agriculture, real estate into tax framework: Aurangzeb

Newly-appointed Finance Minister Muhammad Aurangzeb has said that the government is considering strategies to broaden the tax base by incorporating wholesale/retail, real estate, and agriculture sectors into the tax framework.

The remarks came during Aurangzeb’s first visit to the Federal Board of Revenue (FBR) Headquarters in Islamabad today, where the finance minister held an introductory meeting with the FBR board members to discuss the board’s performance and future initiatives, read a statement released by the Finance Division on Wednesday.

During the meeting, Aurangzeb stressed on urgent need for digitising the FBR, to enhance the transparency and efficiency of the authority in tax collection.

“These initiatives would focus on enhancing tax collection through improved FBR governance, comprehensive documentation of the economy, and full-scale digitisation,” it said.

Finance Minister Aurangzeb stated digitisation is a means to an end and implementing digital solutions is pivotal to modernizing our tax administration. He said that by leveraging technology and enhancing transparency, we can build a more equitable tax system that fosters economic growth and benefits all citizens.

“The meeting concluded with a firm commitment from both sides to work towards promoting the welfare of the Pakistani people. Minister Aurangzeb praised the dedication of the FBR team and pledged the government’s full support in implementing transformative measures.

“The Finance Minister’s visit to the FBR Headquarters underscores the government’s dedication to strengthening fiscal governance and promoting economic prosperity in Pakistan,” read the statement.

Earlier, Aurangzeb told a select group of journalists that Pakistan is eager to negotiate a larger and the longer Extended Fund Facility (EFF) of the International Monetary Fund (IMF) programme to achieve macroeconomic stability in the country.