AVN Report
ISLAMABAD: Federal Minister for Finance and Revenue, Muhammad Aurangzeb, reiterated the government’s determination to ensure that the next International Monetary Fund (IMF) program will be the final one, with a focus on formulating economic policies that lead Pakistan towards self-sufficiency.
During the conclusion of budget discussions for 2024-25 in the National Assembly, Mr Aurangzeb reiterated Prime Minister Shehbaz Sharif’s commitment to fiscal prudence. Emphasizing simplicity and austerity, he highlighted upcoming reforms at the Federal Board of Revenue (FBR) to bring retailers into the tax net under the Tajir Doost Scheme starting from July 1.
The minister outlined key objectives of the next fiscal year’s budget, aiming to reduce the fiscal deficit through increased revenues and reduced expenditures.
He said the plan focuses on reforms in state-owned enterprises (SOEs), public-private partnerships, and restructuring of the energy sector, announcing a committee to recommend measures such as ministry closures and devolution of powers.
The minister also detailed pension reforms, FBR digitization, and legislative changes for the power sector. He mentioned progress on PIA privatization, alongside commitment to social protection, fair taxation, and developments in healthcare, education, and skills development. Aurangzeb assured personal hearings for non-filers before enforcement actions and confirmed tax exemptions for stationery and hybrid-electric vehicles, and zero-rating for local suppliers under the Export Facilitation Scheme 2021.
Mentioning a Rs7 billion allocation for FBR reforms, Mr Aurangzeb commended departmental efforts in this regard.
He concluded by underscoring national security priorities and increased resources for defense, while promising considerations for proposals like exempting charity hospitals from sales tax.
