FAISALABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said on Sunday that the elite class, enjoying luxurious lifestyle, would be brought into the tax net as more than 190,000 people had been evading tax net despite having more than one house and vehicles.
He was talking to the media during a meeting with the local businesspeople, agriculture, dairy and poultry. He termed the taxes lifeline for any economy, saying we could not manage the country on borrowed money as the countries run on taxes and not on charity.
He said that there were some discrepancies in the current taxation system. However, the government was already working to simplify it to tackle the tax-evasion issue. The tax system would also be made faceless and run without any human intervention for elimination of leakage and corruption up to the maximum extent, he added.
He stressed the need for earning maximum foreign exchange by enhancing exports and termed it imperative to make Pakistan self-reliant and reduce dependency on imports and external financial aid. He said that the government was taking various steps to control double-digit interest rate with a vision to trim it down to single digit as it was imperative to flourish businesses.
He said that the economic survival depends on surplus production and exports. He stressed the need for political unity and robust reforms in taxation and energy sectors put the country on the road to progress and prosperity. He suggested privatisation as a means to enhance transparency and productivity and said that the government had already started work for privatisation of various entities in greater national interest.
