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Finance Minister: For Pakistan To Progress, Everything Must Be Transferred To The Private Sector

Finance Minister: For Pakistan To Progress, Everything Must Be Transferred To The Private Sector

Finance Minister Senator Muhammad Aurangzeb stated that while charity can support schools and hospitals, a country depends on taxes.

Speaking in Kamalia, he emphasized the need to gradually reduce tax exemptions and expand the tax net to include more sectors. From July, retailers will be taxed, though existing laws are not being effectively enforced by authorities.

Read more: Finance Minister Urges Development of Mechanism to Uncover Tax Fraud Cases

Aurangzeb highlighted that digitizing taxes will reduce corruption and is crucial for GDP, as the entire system runs on taxes. He assured that the national economy is improving and the private sector can significantly contribute to the country’s development.

Addressing concerns about government expenses, he agreed that spending needs reduction. He suggested eliminating federal ministries related to obsolete subjects and reviewing expenditures, with visible measures expected within a month and a half.

He announced the outsourcing of Karachi Airport in July and mentioned the Prime Minister’s proposal to privatize Lahore Airport. For Pakistan to advance, he stressed, everything must be handed over to the private sector. Reducing the government’s burden is necessary for providing relief, and steps are being taken in this direction. He remarked that if PIA had been privatized a decade ago, it would not have suffered such losses.

Aurangzeb highlighted the pivotal roles of the agriculture and IT sectors in Pakistan’s development, which are independent of the IMF. The budget maintains subsidies on fertilizers and seeds, and new agricultural projects are underway. Advances in these sectors will strengthen the national economy, with interest-free loans for farmers potentially revolutionizing agriculture.

The Minister clarified that his visit to China was aimed at technology transfer, not loans, and included tours of various IT and agricultural universities.

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