Islamabad, December 20, 2024 – Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb reaffirmed the government’s determination to overhaul Pakistan’s tax system, aiming to create a more efficient and equitable taxation structure.
Speaking at a high-level meeting with Mr. Karim Yahi, Global CEO of Coca-Cola Içecek (CCI), Aurangzeb emphasized the importance of introducing people-centered processes and technology-driven solutions to achieve complete digitalization of the tax machinery. This, he said, would reduce human intervention, enhance transparency, and curb corruption.
Aurangzeb stressed the government’s commitment to increasing Pakistan’s tax-to-GDP ratio through broadening the tax base and reducing the disproportionate burden currently borne by organized sectors like manufacturing and salaried individuals. “We aim to implement a balanced and inclusive taxation framework that promotes growth while ensuring fiscal responsibility,” he stated, according to a press release.
During the meeting, Mr. Yahi and his delegation, including Regional Director (South Asia & Middle East) Mr. Ahmet Kursad Ertin, General Manager CCI Pakistan Mr. Sunay Sanli, and Director Corporate Affairs & Sustainability CCI Pakistan Syed Omar, highlighted CCI’s contributions to Pakistan’s economy. The company operates seven advanced production facilities in the country, providing significant investments and creating thousands of direct and indirect jobs.
Aurangzeb commended CCI for its role as a major investor in Pakistan, acknowledging its efforts to drive industrial growth, foster sustainable business practices, and generate employment opportunities. “Multinational corporations like Coca-Cola Içecek play a vital role in strengthening our economy. We are dedicated to fostering a business environment that encourages innovation, sustainability, and growth,” Aurangzeb remarked.
Taxation policies and their implications for the beverage sector were key discussion points. Aurangzeb assured the delegation that the government is pursuing equitable taxation strategies to stimulate economic development while ensuring sustainable revenue. He also praised CCI’s proactive engagement with policymakers, noting that such collaborations are crucial for aligning corporate practices with national objectives.
Aurangzeb reiterated that the government is keen on maintaining an investor-friendly atmosphere to attract and retain foreign investments. He highlighted the importance of stakeholder dialogue in refining policy frameworks and promoting industrial progress.
The meeting concluded with a shared commitment to ongoing collaboration. Both parties expressed optimism about exploring joint initiatives aimed at sustainable development and long-term economic growth in Pakistan. Aurangzeb’s leadership and vision for a reformed tax system underscore the government’s resolve to position Pakistan as a competitive, investment-friendly economy.