Finance Minister Senator Muhammad Aurangzeb reiterated on Saturday that all traders would be brought under the tax net without exception, as the government faces an ambitious revenue target of Rs13 trillion projected in the FY25 budget.
The rise in the tax target is made up of a 48% increase in direct taxes and a 35% hike in indirect taxes over revised estimates of the last fiscal year. Non-tax revenue, including petroleum levies, is seen increasing by 64%.”We will definitely address the problems that the budget for the next fiscal year has brought for traders,” Aurangzeb said, addressing business leaders at the regional office of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in Lahore.
Stressing that the budget should be viewed from a broader perspective, the finance minister said the economy was moving towards macroeconomic stability.
The government presented the national budget on June 12 with a challenging tax revenue target of Rs13 trillion for the year starting July 1, up about 40% from the current year, to bolster the case for a new bailout agreement with the International Monetary Fund (IMF).
