Finance Minister Muhammad Aurangzeb held a virtual meeting with the representatives of Fitch Ratings and told them that tax net is being expanded, so far around one and a half lakh businessmen have registered themselves in tax net for the first time. It will increase its revenues to 1.5 percent of GDP in fiscal year 2025.
According to the announcement of the Ministry of Finance, Finance Minister Muhammad Aurangzeb briefed the Fitch representatives regarding the important economic targets for the new fiscal year, while the representatives of the Fitch Ratings Agency appreciated Pakistan’s financial initiatives.
The finance minister said that the target was set to increase the tax-to-GDP ratio to 3 percent in 3 years, a primary surplus of 1 percent of GDP will also be achieved by the fiscal year 2025. The reform agenda will be reinforced.
A tax scheme to bring retailers into the tax net was approved