Aurangzeb calls for taxing wholesale, retail sectors

KARACHI: Finance Minister Muhammad Aurangzeb on Tuesday emphasised that the wholesale and retail sectors must be brought into the tax net, assuring to provide all possible facilitation to small traders in this process.

This was stated at a meeting held with trade representatives at the Finance Ministry here. During meeting, he talked about tax reforms and business integration into the formal tax network.

The meeting was attended by Federal Minister Rana Sanaullah, State Minister Ali Pervez, and Federal Board of Revenue (FBR) Chairman Rashid Langrial. Naeem Mir, Chairman of the Supreme Council All Pakistan Traders Association, participated in the meeting via video link from Lahore. During the meeting, Finance Minister Aurangzeb emphasized that the wholesale and retail sectors must be brought into the tax net, stating, “To run the country effectively, everyone must contribute their fair share in taxes.” He assured that small traders would receive all possible facilitation in this process.

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Appreciating the FBR’s vision, Naeem Mir highlighted the FBR’s modern approach to preventing tax evasion through data analytics and Artificial Intelligence. He noted that this innovative strategy aligns with Prime Minister Shehbaz Sharif’s vision of digitalizing the FBR’s operations, marking a departure from traditional methods.

The business representatives expressed their commitment to fully cooperate with the government and pledged to support efforts to expand the tax network.

Copyright Business Recorder, 2024