Tax overhaul, faster privatisation on government agenda

Finance Minister Muhammad Aurangzeb on Wednesday unveiled a drastically simplified income tax return form for salaried individuals — reducing the number of required fields from 800 to just 40 — as part of the government’s push for a predictable tax regime and accelerated privatisation under its broader structural reform agenda. Speaking at a conference on “Building a Resilient Public Financial Management Ecosystem”, jointly organised by the Institute of Chartered Accountants of Pakistan (ICAP) and the Chartered Institute of Public Finance and Accountancy (CIPFA), Mr Aurangzeb emphasised that implementation, rather than policy debate, is now the government’s primary focus. The new tax return form, published on the Federal Board of Revenue (FBR) website for a 40-day public consultation, is expected to benefit nearly 80pc of salaried taxpayers. “Our goal is to make the tax system more people-friendly,” the minister said, urging stakeholders to provide feedback.