Finance Minister Raises Alarm Over Tax Revenue and Its Impact on Salaried Class

Karachi: Federal Finance Minister Mohammad Aurangzeb has warned that if tax revenue is not increased, the burden will fall on salaried individuals and industries. Speaking at the Future Summit conference in Karachi, he stressed that without a boost in tax revenue, the government will have no option but to raise taxes on these groups.
Aurangzeb stated that despite implementing several reforms for economic improvement, the private sector is the key to the country’s progress. He added that the government’s research sector needs significant improvements, suggesting that if it were better, the agricultural sector would not be in its current state.
“The only option we have is to increase tax revenue,” he said. “If we don’t, the burden will fall on salaried employees and industries.”
The Finance Minister also highlighted various positive developments in the economy, such as a reduction in interest rates from 22% to 15%, improved credit ratings, better foreign exchange reserves, and a drop in inflation from 38% to single digits. He emphasized that these steps are essential for stabilizing the country’s economy.
Additionally, Aurangzeb announced a new initiative to facilitate foreign investors by offering online visas. He mentioned that the business community, investors, and international organizations are sending positive feedback, urging the government to continue on its current path.
“The private sector must not only increase its business but also boost its production capacity,” he added.
The Finance Minister also pointed out that the country must focus on governance reforms and improve policies to enhance technology. He stressed that technology could play a crucial role in reducing corruption and inefficiencies.