LONDON – Minister for Finance Senator Muhammad Aurangzeb said there have been no additional taxes levied on the salaried class.
He stated this in his key-note address at “Pakistan Investment Roundtable” hosted by Pakistan High Commission, London with participation from leading investors and global financial management firms in London.
Governor State Bank of Pakistan Jamil Ahmed, Advisor to Finance Minister Khurram Schehzad, High Commissioner of Pakistan to UK Tipu Usman were also present.
Aurangzeb stated that government of Pakistan was committed to macro-economic stabilization and was vigorously pursuing sustained growth. He underscored that structural reforms agenda is being implemented which also aims at enabling the private sector.
The minister stated that the fiscal consolidation was delivering results in the form of primary surplus, deficit compression, revenue mobilization and impetus in institutional and fiscal reforms.
Senator Aurangzeb apprised that the government has undertaken State-owned Enterprises reforms in addition to privatization. He added that energy sector reforms, financial transparency and ease of doing business will further reinforce the government’s vision of macro-economic stability.
He said that expanding the tax base and enforcement was necessary for economic growth. He informed that discretionary powers of tax authorities are eliminated and there is no preferential treatment for taxation. HoweverSenator Aurangzeb stated that Pakistan’s economy had a setback due to major country-wide flooding last year and the recent war in Middle East that has adversely affected the oil prices across the globe.
He stated that Pakistan is open for business with renewed interest from international investors. Pakistan has successfully completed all IMF reviews on schedule that have been validated by three rating upgrades.
During the interactive session, the finance minister engaged with the representatives of financial institutions in a Q&A session with discussions focusing on Pakistan’s economy, investment climate, partnership with international organizations and potential opportunities in various sectors.
