Prime Minister Shehbaz Sharif has pledged to bring tax evaders into the tax net, emphasizing that national progress hinges on everyone fulfilling their responsibilities. During a meeting in Islamabad on November 18, 2024, to review the country’s economic situation, the Prime Minister directed authorities to expedite actions against those dodging taxes, asserting that tax evaders and their abettors will not escape punishment.
The Prime Minister highlighted his government’s economic achievements, noting a bullish trend in the stock market and a significant reduction in inflation from 38% to 7%. According to the Pakistan Bureau of Statistics, the Consumer Price Index (CPI)-based inflation dropped to 6.9% year-on-year in September 2024, the lowest since January 2021, due to easing commodity and energy markets and a stable currency.
Shehbaz Sharif reiterated that providing relief to the people remains the government’s top priority. He pointed out that the decline in interest rates from 22% to 15% is expected to boost business activities, and he noted increased confidence among foreign investors, along with a rise in foreign exchange reserves driven by higher domestic exports and record remittances.
The Prime Minister also commended the Punjab government for its reforms in the agricultural sector. The Punjab Assembly recently passed the Punjab Agricultural Income Tax (Amendment) Bill 2024, despite opposition from PPP and PTI lawmakers.
Finance Minister Mohammad Aurangzeb, speaking a day earlier, affirmed the government’s commitment to transparency in its dealings with the International Monetary Fund (IMF). He stated that all promises made with the IMF regarding quantitative and qualitative targets are public and available on the Fund’s website. The National Fiscal Pact, a structural benchmark, was implemented by the end of September 2024.
Aurangzeb emphasized the need for compliance and enforcement in taxation, stating that all sectors, including real estate, wholesalers, and agricultural income, must contribute to revenue generation. He clarified that this is not a request but a necessity, as the country must meet its financial obligations.
