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FinMin Aurangzeb stresses urgency of tax reforms for economic sustainability

12:42 PM | 18 Jun, 2024
FinMin Aurangzeb stresses urgency of tax reforms for economic sustainability

ISLAMABAD – Pakistani government announced several tax reforms to fix Rs350billion economy, and now the country's finance minister Muhammad Aurangzeb emphasised that the country cannot run on charity.

Sharing his views in Kamalia, the minister highlighted the entire economic system relies on taxes, and the GDP is dependent on tax revenue. Aurnahzeb said that sectors previously not paying taxes are being integrated into the tax system, with additional sectors also being brought under the tax net.

He further asserted that those evading taxes will now be required to pay, and reiterated that GDP is reliant on taxes and the government is making efforts to enhance the Federal Board of Revenue (FBR).

Minister then stressed need to balance the economy, noting that the current tax-to-GDP ratio of 9.5pc, which he termed low, pushing it to 13pc. He stated that institutions receiving provincial funds need to be separated from the federal system and announced that the tax on retailers will be implemented by July.

Aurangzeb also revealed that the Prime Minister has proposed privatizing Lahore Airport.

He pointed out that for the country to achieve economic relief, it is necessary to reduce the deficit and government burden. He noted that 31,000 to 32,000 retailers have been registered and that tax digitization has helped reduce corruption.

Steps are being taken to minimize institutional losses and address corruption wherever it occurs, he said. Finance Minister concluded by saying that he will present a report to the Prime Minister identifying which institutions should be closed down.
 
 

Daily Pakistan Global Web Desk

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US Dollar, Euro, Pound, Dirham, Riyal Rate in Pakistan Today Open Market Rates - 15 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 15, 2024 (Monday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.8 for buying and 280.75 for selling. Euro's buying rate moves up to 301.25 and selling rate is 303.15.

British Pound rate is 355.15 for buying, and 358.65 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal lowered to 73.65.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 08:00 AM)       
Currency Symbol Buying Selling
US Dollar USD 279.8 280.75
Euro EUR 301.25 303.15
UK Pound Sterling GBP 355.15 358.65
U.A.E Dirham AED 76.5 77.25
Saudi Riyal SAR 73.65 74.37
Australian Dollar AUD 184.55 186.35
Bahrain Dinar BHD 741 749
Canadian Dollar CAD 203.75 205.75
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.33 3.43
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 309.15 311.65
Thai Bhat THB 7.5 7.65



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