Finance Minister Muhammad Aurangzeb on Thursday said higher taxes will be imposed on high-income earners next fiscal year. He also criticized the concept of non-filers and stressed to eliminate this category.
A meeting of the Senate Standing Committee on Finance and Revenue was held in Islamabad today chaired by Senator Salim Mandviwala. Finance Minister Muhammad Aurangzeb was also present.
A representative of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) voiced concerns about the new budget, stating that nothing had been allocated for industry and exports. He argued that the income tax on rice exports had been increased from 1 percent to 29 percent, which could lead to increased under-invoicing.
The FPCCI representative noted that the sales tax had gone up across the board, expressing concerns over the impact on various sectors. He also urged the government reduce power tariff.
Addressing concerns of the senate panel, Aurangzeb emphasized the need to increase the tax base, stating that the country cannot function on a tax-to-GDP rate of 9.5 percent. He announced plans for the end-to-end digitalization of taxes in the country.
Non-filers will not be able to travel to London, Paris, and Thailand without an NTN number, with exceptions only for Umrah and Hajj, the finance minister added.
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