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ISLAMABAD: Finance Minister Muhammad Aurangzeb has said that Phase II of China Pakistan Economic Corridor (CPEC) is crucial for the revival of Pakistan’s industry.
In an interview with foreign media, he said the largest portion of the loan taken from friendly countries is from China. He said fundamental reforms in the national economy are of utmost necessity to make the recently approved IMF program the last one.
The minister added the additional burden placed on the salaried class and manufacturing sector will be brought down, while wholesalers, retailers, agriculture, and property sectors should be brought into the tax net.
Muhammad Aurangzeb went on to say the government is now going to abolish the term ‘non-filer’ adding that restrictions will be imposed on those who do not pay taxes, making it difficult for them to undertake many activities.
He said the government has data about people’s lifestyles, which includes information about their foreign trips, cars and other expenses. He added the FBR based on the data will bring non-taxpayers into the tax net without detaining them.
The Finance Minister said friendly nations have assured to meet the financial needs for obtaining the new IMF program. Replying to a question, he appreciated Washington’s support for Pakistan’s loan program in the Executive Board meeting as the United States is the largest stakeholder in the IMF.
He added the United States has invested in Pakistan in the past and it is hoped that this will increase in the future. He noted the GSP Plus program is a lifeline for Pakistani exports.
The minister added there has been no delay in the IMF program as it was approved as a result of a phased process. He said that due to the non-implementation of past programs, there is a lack of credibility and trust. However, the current government is determined to bring economic reforms in line with the IMF program.