ISLAMABAD: Finance Minister Muhammad Aurangzeb Tuesday informed Pakistan Retail Business Council (PRBC) that McKinsey & Company has been engaged to assist the FBR’s end-to-end digitalization, which will broaden the tax net.

A delegation of Pakistan Retail Business Council (PRBC) led by Chairman PRBC Ziad Bashir called on Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at Finance Division today. Minister of State for Finance & Revenue Ali Pervez Malik also attended the meeting.

The PRBC delegation expressed their appreciation for steps being taken by the Government to improve economic conditions in the country. They also extended their support for FBR’s Tajir Dost Scheme. Additionally, they informed the Finance Minister about the challenges being faced by the retail businesses. They highlighted the need for the inclusion of untaxed undocumented retail sector in the tax net. Furthermore, they gave proposals to encourage documented business in the country.

Budget 2024-25: PBC for documenting economy as per Indian model

The Federal Minister acknowledged their concerns and mentioned that McKinsey & Company has been engaged to assist the FBR’s end-to-end digitalization, which will broaden the tax net. He also apprised the delegation that he has asked Minister of State Ali Pervez Malik to oversee this task on a day to day basis to ensure timely completion of this exercise.

Minister of State appreciated the proposals submitted by PRBC. Finance Minister Muhammad Aurangzeb thanked the PRBC delegation and assured them that the government will give due consideration to the proposals submitted by them for the benefit of both the country and the business community.

Copyright Business Recorder, 2024

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Chawla.i May 22, 2024 09:59am
Cut interest rates 15% max level Initiate land reforms (railway land etc) fr overseas pak to enhe f.exc, Support Sme sector through commercial banks, Rekodik and sandak projects opn int bidding F.R.V
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Rehan May 22, 2024 10:25am
@Chawla.i with constant increase in utility prices and vulnerable FX situation only a mad economic manager would cut rates so drastically. Need to go slowly in phases and see the impact.
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KK May 22, 2024 12:50pm
I don't understand the logic for cutting interest rates keeping in view the inflationary measures already taken as well as planned by Government.
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Adnan May 22, 2024 02:00pm
Requesting govt to engage with Facebook for Pakistan's inclusion in In-Stream Ads. India's eligible, Pakistan isn't. Let's empower Pakistanis economically.
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Chawla.i May 23, 2024 11:03am
Main reason behind cutting interest rates is to stimulate economy as nobody even banks not willing to support trade as they have 22% guaratd returns by SBP so d whole economy is strangled,we r not USA
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