Finance Minister Senator Muhammad Aurangzeb has said bringing more people into the tax net is essential for Pakistan to achieve sustainable economic growth.
He made the remarks while speaking at the Pakistan Investment Roundtable hosted by the Pakistan High Commission in London on September 17, with leading investors and global financial firms in attendance.
Aurangzeb said the government is focused on maintaining macroeconomic stability while pursuing reforms aimed at supporting long-term growth and creating better conditions for the private sector.
He said fiscal consolidation is producing results, including a primary surplus, a reduction in the fiscal deficit, higher revenue collection, and progress on institutional and fiscal reforms.
The finance minister said the government is also reforming state-owned enterprises and continuing its privatization program. He added that energy sector reforms, greater financial transparency, and improvements in the business environment would further strengthen economic stability.
On taxation, Aurangzeb said expanding the tax base and stronger enforcement are necessary to support economic growth. He said discretionary powers of tax officials have been removed and taxpayers are not being given preferential treatment.
He also said the government has not imposed any additional taxes on salaried individuals.
Aurangzeb said Pakistan’s economy was hit by major floods last year, while the recent conflict in the Middle East has also created pressure by pushing up global oil prices.
Despite these challenges, he said Pakistan remains open to international investment and is seeing renewed interest from foreign investors.
The minister said Pakistan has completed all IMF reviews on schedule, with the progress also reflected in three credit rating upgrades.
The roundtable also included a question-and-answer session in which Aurangzeb discussed Pakistan’s economic outlook, investment environment, cooperation with international institutions, and opportunities across different sectors.
