FM Seeks Wholesale

FM Seeks Wholesale & Retail Sectors Inclusion in Tax Net

Islamabad: Finance Minister Muhammad Aurangzeb emphasized that the wholesale and retail sectors should be brought into the formal tax net. He made it clear that all sectors must contribute their share to the country's tax system. The finance minister also promised small traders that the government would support them fully during the process.

Commitment towards Tax Reforms and Strengthening the Economy 

While meeting with trade representatives at the Finance Ministry, Minister Aurangzeb reminded them that for effective governance, all sectors of the economy would have to pay into the national tax structure. He repeated the commitment made by the government towards the reforms in the tax arena and bringing in businesses in the formal network of taxation as an avenue to further strengthen the economy.

Agricultural Tax Collection Introduced from July

The government plans to start collection of agriculture tax from July and push the tax net into further untapped sectors.

Good work by FBR regarding its modern approach towards the collection of tax.

During the meeting, Naeem Mir, Chairman of the Supreme Council All Pakistan Traders Association, joined via video link from Lahore and appreciated the Federal Board of Revenue (FBR) for using data analytics and artificial intelligence to combat tax evasion. Mir said that these modern methods are in line with Prime Minister Shehbaz Sharif's vision for digitalizing the country's tax operations, moving away from traditional practices.

Support from Trade Representatives

Trade representatives showed their appreciation for the government's efforts and agreed to work together with the government in expanding the tax network. They acknowledged that they needed to formalize their sectors and appreciated the FBR's innovative strategies in that regard.

Government Commitment to Traders

The finance minister assured the traders that the government is committed to addressing their concerns and facilitating a smooth transition for businesses entering the formal tax system.