Finance Minister Muhammad Aurangzeb has emphasized structural reforms to avoid boom and bust cycles and move towards permanent and inclusive development.
Addressing an event organized by the Pakistan Retail Business Council in Islamabad on Thursday, he said that these structural reforms are already running in areas such as taxation, energy, state -owned enterprises (SOEs), and public finance. He expressed satisfaction that the country is going in the right economic direction, which has been achieved with macroeconomic stability.
Towards taxation, the Finance Minister mentioned that a real change is going on with focus on using the latest technology to bring transparency and check out leakage. He emphasized that it is also important to restore confidence in the tax authority.
He said that the burden of uneven tax on the salaried class is not durable, saying that other areas, such as retail, wholesale, real estate and agriculture, have to contribute to their proper part in taxes.
In the energy side, Muhammad Aurangzeb said that difficult measures are being implemented to move towards competitive energy.
Regarding the SOES reforms, he mentioned that this process had already started, and the process of giving authority by June this year will be completed. He also confirmed that the process of privatization would be taken forward.
