Finance Minister – Startup Pakistan

Finance Minister Muhammad Aurangzeb announced that the number of tax filers has almost doubled this fiscal year, with about 723,000 new people registering to pay taxes. This growth shows the government’s strong push to improve tax compliance.

He explained that the increase comes after Prime Minister Shehbaz Sharif approved strict measures on September 20 to enforce tax rules. These measures include banning banking and financial transactions for those who do not file taxes.

During a press conference in Islamabad, the finance minister, along with the Federal Board of Revenue (FBR) chairman, stressed that these actions show the government’s commitment to fighting tax evasion and ensuring everyone pays their share.

Aurangzeb also talked about the scale of tax evasion, estimating that underfilers have avoided paying around Rs1.3 trillion in taxes. He said the government is determined to create a documented economy, which is vital for Pakistan to move closer to joining the G20. With around Rs9 trillion in cash circulating, he estimated that the current size of Pakistan’s economy is over $700 billion.

Additionally, the finance minister outlined tougher rules for non-filers, such as restricting them from buying vehicles, properties, or mutual funds, and limiting their access to banking services.