Finance Minister Muhammad Aurangzeb has emphasized structural reforms to avoid boom and bust cycles and move towards sustainable and inclusive growth.
Addressing an event organized by Pakistan Retail Business Council in Islamabad on Thursday, he said these structural reforms are already underway in areas such as taxation, energy, State-Owned Enterprises (SOEs), and public finance. He expressed satisfaction that the country is heading in the right economic direction with macroeconomic stability achieved.
On the taxation side, the Finance Minister mentioned that a real transformation is underway with a focus on utilizing latest technology to bring transparency and check leakages. He emphasized that it is also important to restore trust in the tax authority.
He noted that the disproportionate tax burden on the salaried class is not sustainable, stressing that other sectors, such as retail, wholesale, real estate and agriculture, will have to step up and contribute their fair share in taxes.
On the energy side, Muhammad Aurangzeb stated that tough measures are being implemented to move towards competitive energy.
Regarding SOEs reforms, he mentioned that the process has already started, and the rightsizing process will be completed by June this year. He also affirmed that the privatization process will be taken forward.
