- Tax evaders will be brought to justice, Prime Minister Shehbaz promises.
- He orders the competent authorities to accelerate measures against tax evaders.
- Helping the population is the government’s absolute priority, reiterates the Prime Minister.
A day after the Finance Minister pledged to bring all sectors into the tax net, Prime Minister Shehbaz Sharif on Monday said tax evaders and their accomplices would not go unpunished.
Chairing a meeting in Islamabad to review the country’s overall economic situation, the prime minister said those dodging taxes would be brought to justice.
He called on relevant authorities to accelerate action against tax evaders, saying: “National progress is only possible when everyone takes their due responsibility. »
Highlighting the major economic achievements of his government, the Prime Minister mentioned the upward trend in the stock market and the reduction in the inflation rate from 38% to 7%.
Pakistan’s Consumer Price Index (CPI)-based inflation fell to 6.9% year-on-year in September 2024, the lowest since January 2021, from 9.6% in August, under the effect of a high base effect, softening commodity and energy markets, and a stable currency, according to statistics released last month by the Pakistan Bureau of Statistics (PBS).
“Help to the population takes priority over any other measure aimed at keeping the promises made to them,” declared the Prime Minister.
He said the reduction in interest rates from 22% to 15% would boost business activities in the country. The Prime Minister said: “Foreign investor confidence has increased in the last months of the incumbent government, while foreign exchange reserves have also seen an increase due to increased domestic exports and record remittances. . »
Besides this, the Prime Minister paid tribute to the Punjab government for its historic reforms in the agriculture sector.
Last week, taking the lead from the provinces, the Punjab Assembly approved the Punjab Agricultural Income Tax (Amendment) Bill, 2024, despite a walkout by PPP and PTI lawmakers in protest against the rejection of their proposed amendments.
The meeting was briefed on the current situation of the economy, inflation and measures taken against tax evaders.
“The real estate and wholesale sectors will also be taxed”
A day earlier, Finance Minister Mohammad Aurangzeb had said that all promises made with the IMF were transparent and there was nothing secret, which was discussed with the Fund team which met visited Pakistan last week, according to News report.
“All promises made with the IMF in terms of quantitative and qualitative objectives are transparent and published on the Fund’s website. This is Pakistan’s program which is supported, supported, assisted and financed by the IMF,” he said in a televised address.
“There is nothing surprising in this and I welcome this IMF visit because of the ongoing dialogue, as mutual trust develops through dialogue.”
The National Fiscal Compact, he said, constitutes a structural reference which has been implemented by the end of September 2024.
He said the government had shared the right dimension of the government plan with the IMF and its objective was to improve public finances.
Aurangzeb said Agricultural Income Tax (AIT) was being pursued and he was grateful to the four chief ministers for taking this agenda forward.
Regarding taxation, the Finance Minister said he was firm on its compliance and enforcement, adding that the salaried class and the manufacturing sector could not be taxed more to generate revenue.
“All other sectors will have to play their role; we all have to contribute, including real estate, wholesalers and agricultural income tax. This is not a request, but we will have to do it because as a country our hands have been forced. I have been clear and I want complete clarity on this issue,” he stressed.
— Additional contribution from Radio Pakistan.