Federal Minister of Finance, Muhammad Aurangzeb, rejected criticisms surrounding the reinforced powers of the Federal Board of Revenue (FBR) on Monday, the appellant “propaganda” and reaffirming that the new authority has been legally approved and conceived only to counter fraud to large -scale sales tax.
Addressing journalists from the Chamber of Commerce and Industry of Investors Abroad (OICCI), AURANGZEB said that the measures had been officially adopted by the National Assembly in consultation with the Standing Committee, thwarting that the powers had been imposed unattended.
He said that additional FBR powers apply exclusively to cases involving more than 50 million rupees in tax evasion and not on ordinary companies.
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“The new legal tools have been implemented only to prevent fraudulent activities related to the sales tax,” said Aurangzeb.
He announced that an important meeting with the presidents of chambers of commerce will be held tomorrow, where the government will explain the scope and intention of the actions of the FBR to business leaders.
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Aurangzeb called for stronger cooperation between local and foreign investors, saying that such collaboration is essential to stimulate economic recovery and long -term stability.
He said the government had paid $ 2.3 billion in multinational companies, a decision to strengthen investors’ confidence in the current tax reforms.
He added that the reimbursement problems faced by multinational companies would soon be resolved, as part of wider efforts to improve the commercial environment of Pakistan.
In order to deepen the commitment, the senior management of the Investor and Investor Industry Chamber of Commerce and Industry (OICCI) was invited to Islamabad for a meeting with Prime Minister Shehbaz Sharif.
Aurangzeb also said that the payment volumes were laudable and that macroeconomic indicators should show an additional improvement in the coming days.
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The Minister of Finance said that the government had paid 75 billion reimbursement of sales tax reimbursement this month and encouraged the participation of the private sector in public enterprises (public enterprises) faced with financial loss.
Aurangzeb said that the ECC closely monitored the prices of food monthly, noting that no irregularity had been observed in the prices of corn, rice and pulses.
Commenting on the financial sector, the Minister noted that the banking sector of Pakistan constantly supports the national economy, in particular in the wake of liquidity and recent loan changes.
He cited a new OICCI investigation which, according to him, reflects a renewed confidence of investors and signs of economic stability.
Aurangzeb said that the banking sector in Pakistan must now increase the private sector loans, while the country is evolving towards sustainable economic development.
The Minister of Finance confirmed that he had held a meeting earlier in the day with the Governor of the State Bank and the presidents of the commercial banks to discuss the evolutionary role of the financial sector.
He said that Pakistan’s financial prospects had improved, leading to an increase in banking liquidity, which should now be oriented towards private sector credit, in particular for SMEs and agriculture.
Aurangzeb added that the privatization committee has received 24 public companies (public companies), signaling a new thrust for the disinvestment of public sector businesses, notably Pakistan International Airlines (PIA).
“Banks have an essential role to play, in particular in privatization initiatives such as PIA,” said the minister, suggesting that financial institutions are collaborating with sponsors to relaunch industries in distress.
He called for joint efforts between the public and private sectors to rehabilitate sub-performer state institutions, which cades it as essential to long-term structural stability
