Daily Times

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with Jason Lamb, Deputy Director, Focus Country Implementation of Bill & Melinda Gates Foundation at the Finance Division on Monday.

The meeting was also attended by Minister of State Ali Pervaiz Malik, Member Reforms FBR, and CEO Karandaaz. During the meeting, the Federal Minister conveyed his appreciation for the Bill & Melinda Gates Foundation’s for their support in engaging McKinsey & Co. for the ongoing digitalization of FBR. He emphasized the significant potential of e-governance in Pakistan, noting that the digitization of the tax system is a pivotal step towards modernizing tax collection, which will enhance transparency and revenue growth.

Senator Muhammad Aurangzeb also mentioned the necessary improvements required in existing data sources to effectively utilize them for tax purposes.

Ali Pervaiz Malik discussed the implementation challenges of RAAST, Pakistan’s instant payment system, and ways to improve its functionality. The meeting concluded with a strong note of commitment from all parties involved to continue working together towards these goals.

Meanwhile Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met with Tom Isherwood, Regional Head of Technology and Tax McKinsey & Co. along with McKinsey Partner Ali Malik at Finance Division on Monday. Minister of State Ali Pervaiz Malik was also present in the meeting.

The finance minister emphasized the need for investment in technology and fostering a cultural shift towards digital governance. He underscored the Government’s commitment to improve tax collection through the Federal Board of Revenue’s (FBR) ongoing efforts in digitization.

The Minister also cited that the data from PRAL (Pakistan Revenue Automation Limited) and REMIT can be utilized in digitizing FBR’s tax system. The discussions covered the possibility of achieving quick wins by leveraging this data and implementing daily reporting through dashboards to monitor progress in real-time.

Ali Pervaiz Malik, discussed how the ongoing exercise could be enhanced by efficiently generating, organizing, and analyzing data. He stressed the importance of a data-driven approach to improve overall project outcomes. The McKinsey team thanked the Minister for Finance and Revenue for the meeting and assured the finance minister that they would ensure the completion of exercise within the given time frame.

Meanwhile Finance Minister Senator Muhammad Aurangzeb had a meeting with the Korean Ambassador and representatives of Korean Companies working in Pakistan at the Finance Division on Monday.

The Secretary, Ministry of Communications, Chairman National Highway Authority (NHA), MD Private Power & Infrastructure Board (PPIB), and senior officers from relevant ministries were also present in the meeting. The Korean Ambassador appreciated the Government’s economic initiatives and strong bilateral relations between Pakistan and Korea. He emphasized the need to fully exploit the untapped potential for further collaboration. Representatives from Korean companies briefed the Minister on their concerns regarding project timelines and operational efficiency.

The Finance Minister underscored the significant macroeconomic improvements and noted the positive trend in foreign exchange reserves. Furthermore, Senator Muhammad Aurangzeb reiterated the commitment of the Government to address the challenges faced by Korean companies operating in Pakistan and in this regard urged the relevant authorities to ensure their facilitation for smooth business operations.

The meeting concluded with a pledge to strengthen economic cooperation between Pakistan and Korea and to work collectively towards addressing mutual concerns for the benefit of both nations.