Minister for Finance Muhammad Aurangzeb has invited Asian Infrastructure Investment Bank to provide support in terms of program loan for dealing with the impacts of climate change and disaster preparedness.

He was talking to President of the Bank Jin Liqun in Washington.

The Minister also invited the Bank to invest in N-5 (GT Road) reconstruction project.

He acknowledged the Bank’s support to Pakistan, particularly in dealing with the aftermath of the devastating floods of 2022.

The Finance Minister mentioned his visit to China where he interacted with the management of Peoples Bank of China.

He said Pakistan wants to diversify its financing base and explore the possibility of issuing a panda bond with partial credit guarantee of AIIB.

Muhammad Aurangzeb said enlisting AIIB as an anchor to support the process would send out a strong signal to the market.

He expressed satisfaction over the progress of AIIB projects in Pakistan and emphasized further efforts to improve the disbursement of ongoing projects.

He Invited the President to visit Pakistan which he accepted.

Finance Minister Muhammad Aurangzeb has said that the number of tax filers in Pakistan has doubled over the past year, with 723,000 new individuals added to the tax net.

Speaking at a press conference in Islamabad, the minister confirmed that the total number of tax filers in the country has risen from 1.6 million to 3.2 million. He emphasized that non-filers will face strict limitations, including restrictions on purchasing vehicles, property, and difficulties in banking transactions.

Aurangzeb said the government’s measures including securing the International Monetary Fund (IMF) bailout package would bring economic stability.

On expanding the tax net, he said the government had every kind of data that would be utilised in this regard. “Only 14% retailers are registered in the sales tax at the moment.”

“We will be forced to block utility services of non-registered people,” he warned, adding the government had ended all the exemptions on tax.

“It is not appropriate to treat taxpayers and non-taxpayers alike. We are left with no option but to expand the tax net,” he added.

The federal minister also said the government would have to boost the efficiency of the Federal Board of Revenue (FBR) and for that reason 2,000 chartered accountants would have to be hired.

“The FBR’s ability to audit will also be enhanced. Hence, 2,000 tax audit experts will be appointed in the FBR.”