ISLAMABAD: The Finance Minister of Pakistan Asad Umer said on Monday that the economy of the country is out of the crisis phase.
During an event, the Finance Minister Asad Umer said that “The crisis phase for the economy is over. However, we are still in the stabilisation phase.”
The Finance Minister of Pakistan Asad Umer added that this stage of stabilization would carry on for the next one and a half year. Asad Umer further compared the economy to a patient in the ICU who had been treated and now brought back to a normal ward.
He added that “The situation right now is that we are not taking loans to pay off past loans, but to pay off interest.”
According to the Finance Minister Asad Umer, three main problems are being faced by the country on the economic front. He added that these three chronic issues were similar to when he was attending college 40 years ago.
Asad Umer said that “We are stuck with the fiscal deficit, current account deficit and saving and investment gap.”
The Federal Board of Revenue (FBR) was called on by the Finance Minister Asad Umer in order to simplify the tax return system with lesser questions and easier forms.
The Finance Minister of Pakistan Asad Umer further added “The amount of questions FBR asks you for your returns is more than those asked when you are accepting a marriage proposal for your daughter.”
Asad Umer further said that Federal Board of Revenue (FBR) should integrate its database and simplify the mechanism for filing taxes. The Finance Minister added that a simplified tax system would be given by the FBR in this budget.
He further said that “Instructions in Urdu will be available on the website. They will not be hidden in some drawer. We have to create transparency.”
It was further added by Asad Umer that an asset declaration scheme has been brought up by the government. He added “There should be no doubt that the scheme will be successful when people know they won’t be able to hide when it expires.”
He further stressed that “FBR capacity to reach those who are not paying the right taxes has drastically improved.”
Finance Minister Asad Umar said that the talks of Pakistan with the International Monetary Fund (IMF) were in its final stage.
The Finance Minister of Pakistan Asad Umer stressed that following the conclusion; the numbers of the loan deal would be shared. He further revealed that the policy framework prepared had been shared with the International Monetary Fund (IMF) and sent to committees of Parliament and Senate.