Finance Minister Aurangzeb announces tax reforms and five ministries' right-sizing plans

Finance Minister Muhammad Aurangzeb announced that China has supported Pakistan's agreement with the International Monetary Fund (IMF), which is expected to be the last program with the IMF.

According to the 24NewsHD TV channel, the minister addressed a press conference on Sunday and emphasized efforts to increase exports and acknowledged the challenges in making external payments.

He also addressed concerns about tax evasion, stating that non-filers will not receive direct notices from tax officers, reducing harassment from the Federal Board of Revenue (FBR). Instead, notices will be sent through a centralized system.

The minister said the government is reviewing five ministries for potential downsizing as part of the 'right-sizing' initiative.

Finance Minister Aurangzeb outlined steps being taken to reduce inflation and improve the economy. He criticized tax defaulters for not being loyal to the country and its people and highlighted efforts to gather data on 4.9 million filers.

He noted that strengthening the economy requires paying taxes and providing public services. The minister also mentioned that 4.9 million non-filers have been identified in the income tax system.

Aurangzeb stated that the prices of petroleum products are linked to the global market and acknowledged the public's hardships, urging patience during this challenging period.