ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzaib on Friday said that tax exemption has been retained on medical surgery equipment including other health and education inputs.
The finance minister said cardiology stents, school books and printing stuff, cardiology surgery and Ex. Federally Administered Tribal Area (FATA) and Provincially Administered Tribal Areas (PATAs) tax exemptions were retained.
Meanwhile, participating in the discussion on the budget 2024-25, in the National Assembly, he said “We all need pure milk for the good health of the people, but tax exemption cannot be given on packed milk which is not according to the health standard”.
Aurangzeb said that the tax exemption for education and health was given in very difficult economic conditions. The minister said that teacher research has also been given tax exemption which has also been given in the finance bill 2024-25.
He said that tax exemption has also been made in the agriculture and fertilizer Sector for providing relief. He said that there were high taxes on the salary class which have been normalized now.
The minister said “we need to increase tax to Gross Domestic Production (GDP) to 13%, which currently stood at 9.5%. He said that if the country wants to move towards Self-Reliance and go to the last program of the International Monetary Fund (IMF) then revenue collection need to be enhanced.
The minister said that the government is committed to go for reconstruction and digitization of Federal Board of Revenue (FBR) for increasing tax to GDP to 13 percent. He said that there will be no category of non-filer in the tax system and everyone will have to pay tax.
He said that if people want relief, then, these economic measures will have to be taken and in this budget 2024-25 the government has given record allocation to potential Information Technology and Agriculture Sector.
Aurangzeb said that tax evasion will be stopped, and the tax net will be increased for retailers and the real estate sector in the country.
