Islamabad, December 4, 2024 – The National Tax Council (NTC) convened on Wednesday to explore measures aimed at boosting revenue through enhanced agricultural income and property taxation. The session, chaired by Minister for Finance and Revenue Senator Muhammad Aurangzeb, underscored the importance of federal-provincial collaboration to achieve comprehensive tax reforms and improve compliance.
The NTC meeting was part of ongoing efforts following the recently signed National Fiscal Pact, which emphasizes optimizing revenue collection from under-taxed sectors such as agriculture and real estate. Key participants included Minister of State for Finance Ali Parvez Malik, provincial finance ministers, the Chairman of the Federal Board of Revenue (FBR), and representatives from provincial revenue boards. Experts from the World Bank and senior officials from federal and provincial finance departments also contributed.
Central to the discussions was the need to strengthen information-sharing mechanisms between the FBR and provincial revenue authorities. Participants highlighted the role of advanced data analytics and digital tools in streamlining tax collection and addressing inefficiencies. A key focus was harmonizing the General Sales Tax (GST) system across provinces and transitioning to a unified tax portal to ensure greater transparency and operational efficiency.
The NTC also reviewed strategies to enhance agricultural income tax and property taxation, aligning these efforts with federal policies while addressing specific regional challenges. The meeting emphasized adopting a unified approach to GST on services, drawing on international best practices to minimize administrative ambiguities and foster better governance.
Stakeholders stressed the importance of cohesive policy implementation, capacity building, and proactive stakeholder engagement to ensure the success of proposed reforms. The council recognized that modernizing taxation in agriculture and property sectors would significantly bolster national revenue and contribute to equitable economic growth.
Minister Aurangzeb reiterated the government’s commitment to fostering a unified and efficient tax framework. He called for timely implementation of actionable steps discussed in the meeting, emphasizing the need for continued cooperation among all stakeholders.
The NTC meeting concluded with a clear roadmap for advancing the proposed reforms, signaling a renewed commitment to achieving sustainable fiscal stability and strengthening Pakistan’s economic foundation.