Federal Minister for Finance, Muhammad Aurangzeb, announced on Sunday that the number of new tax filers in Pakistan has significantly increased during FY2024, with 723,000 new filers joining the tax net. Speaking at a press conference in Islamabad, he noted that total tax filers have doubled from 1.6 million to 3.2 million.
Aurangzeb emphasized the government’s efforts to stabilize the economy, stating that macroeconomic stability is an ongoing process. He also announced plans to restrict non-filers from purchasing vehicles and property.
The minister outlined reforms for the Federal Board of Revenue (FBR) and broader government restructuring, including the abolition of six ministries and the merging of two others. He highlighted a 29% increase in exports, particularly from the IT sector, and praised the Prime Minister’s leadership in driving economic growth.
Aurangzeb expressed confidence that inflation, now in single digits, and the policy rate, reduced to 4.5%, will remain steady. He also acknowledged the role of the caretaker government in securing the IMF program and ensuring the timely repayment of $2 billion in debt.