Finance Minister Asad Umar said reforms are needed to improve the taxation system in the country and stressed that a wider tax base is vital to improve the national economy. He said the China-Pakistan Economic Corridor (CPEC) is an expansive project and many projects are linked to it, adding that Pakistan could benefit from China’s experience.
Improving the tax system is not rocket science, only reforms are needed,” the finance minister said. “Widening the tax net is vital to take forward the country’s economy. Necessary reforms will be introduced for this purpose,” the minister said. But he did not give specific details about the possible reforms and measures.
PTI leader and Prime Minister Imran khan made the pledge during the election campaign that PTI government would double the tax collections. Imran khan pledged to bring reforms in the tax system and economy to widen the tax net.
The minister said that there were vast opportunities of investment in the country’s different sectors, including in information technology. He added that Pakistan could double its exports to China by pursuing “the right kind of policies”.
Pakistan still plans to seek a bailout from the International Monetary Fund (IMF) despite Saudi Arabia agreeing to offer a $6 billion rescue package. The minister said that Pakistan is still seeking the IMF program and negotiations will start from 7 November, when IMF delegation will arrive in Pakistan to initiate discussion.
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18 August, 2019