Govt Committed to Reducing Tax Burden by Widening Tax Net: Finmin Aurangzeb

Finance Minister Muhammad Aurangzeb stated that the government is committed to alleviating the tax burden on specific sectors by expanding the tax net. Speaking after the unveiling of the new fiscal year's budget, he highlighted relief measures for exporters, manufacturers, the IT sector, construction, and salaried individuals. Aurangzeb outlined a two-pronged strategy for tax net expansion: deepening through compliance and enforcement to fix leakages and fight evasion, and broadening through structural reforms. He addressed the reduction in development funds, explaining it was necessary to empower security forces due to internal disorder in Khyber Pakhtunkhwa and Balochistan, thanking provinces for their cooperation. The minister confirmed no new taxes were announced for the upcoming fiscal year. He also mentioned plans to replace traditional FBR workflows with AI-led mechanisms. Regarding international conflicts, he expressed hope for successful diplomatic efforts but acknowledged potential economic impacts.

This statement outlines the government's fiscal strategy for the upcoming year, focusing on tax reform and economic stability.