Pakistan Finance Minister Urges Traders to Adopt New Tax Scheme

In a recent press conference, Pakistan Finance Minister Muhammad Aurangzeb called on traders to comply with the new tax scheme, aiming to boost revenue and stabilize the economy. Despite resistance from traders and a nationwide strike, Aurangzeb highlighted the need to raise the tax-to-GDP ratio and achieve macroeconomic stability.

Pakistan's Finance Minister Muhammad Aurangzeb has urged traders to comply with the new tax scheme, aimed at stabilizing the cash-strapped economy. Addressing a press conference in Islamabad, Aurangzeb stressed the importance of increasing the country's tax revenue, which currently stands at 8.8% of GDP.

The call comes in the wake of a nationwide strike by traders unwilling to accept the Federal Board of Revenue's Tajir Dost Scheme, which seeks to bring 3.5 million retailers into the tax net. Aurangzeb noted that the salaried class and manufacturing sector are already contributing more than their fair share.

Highlighting positive economic indicators, the minister pointed to reduced inflation rates and steady remittances. He emphasized that macroeconomic stability is crucial for long-term growth and called on traders to take responsibility in improving the economy.

(With inputs from agencies.)