Finance Minister Muhammad Aurangzeb stated that the government wants to promote an export-based economy. The government has eliminated customs duty on 4,000 tariff lines and reduced customs duty on 2,700 tariff lines.
According to details, Finance Minister Muhammad Aurangzeb, while delivering the post-budget speech, stated that besides reducing customs duty on tariff lines, federal excise duties have also been removed, aimed at reducing transaction costs. This year, we were supposed to impose taxes on fertilizer and medicines. On the Prime Minister’s directive, no tax was imposed on agriculture.
During the post-budget speech, Finance Minister Muhammad Aurangzeb said that last year there was also discussion about imposing additional taxes. Global organizations were not ready last year to accept enforcement; despite laws, we were unable to enforce them. This financial year, we have enforced them.
During the speech, the Finance Minister said that this year we will reach a tax-to-GDP ratio of 10.3%. Next year, the tax-to-GDP ratio will be 10.9%. Additional taxes in the amount of nearly 312 billion out of 2.2 trillion are there. We will legislate in both houses. These are the only ways: either enforce laws or impose additional taxes.
The Finance Minister said to assist in legislation so that additional taxes are not imposed. Legislation will help stop leakages in the system. Tariff reforms are very important; tariff reforms have not been made in the last 30 years. We have to bring reforms and take the country forward.
