Finance Minister Muhammad Aurangzeb on Wednesday admitted that some firms are leaving the country due to high taxes and expensive energy, stressing that the government is fully aware of the challenges facing the economy.
However, the finance minister said there are 20 new foreign investors including Google, Aramco, Wafi Energy, Turkishm petroleum and others entered Pakistani market in the last 18 months.
“There are firms which are also leaving that is true..if the taxation is high or the energy cost is high or its financing cost is always moving in the right direction those have been real issues,” he said while addressing the Pakistan Policy Dialogue in Islamabad.
The finance minister said that high taxes and high energy cost remain “real problem for businesses,” adding that the government has begun reforms to reduce the burden on the national exchequer and bring economic stability.
Aurangzeb said that structural reforms are underway across the country and that the transformation process of the Federal Board of Revenue (FBR) is continuing.
“Compliance and enforcement are essential to ensure implementation of tax laws,” he added.
This is a developing story and is being updated with further details.
