Policy highlighted to enhance tax revenue

Minister says focus is on improved documentation, financial transparency

ISLAMABAD:

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Tuesday highlighted the government's comprehensive policy framework aimed at enhancing tax revenues through improved documentation and financial transparency.

While meeting a delegation of the International Accounting Standards Board (IASB), led by its Chairman Dr Andreas, the minister emphasised the importance of standardising financial regimes to align with global practices, which were crucial for boosting the confidence of both domestic and international investors.

The delegation included IASB Member Jianqiao Lu, Institute of Chartered Accountants of Pakistan (ICAP) President Farukh Rehman and Asia-Oceania Accounting Standards Group Chairman Rana Usman Khan. Reforms and Resource Mobilisation Commission of Pakistan (RRMC) Chairman Ashfaq Tola and senior officers of the Finance Division also attended the meeting.

According to a press release issued by the Finance Division, the minister reiterated the government's commitment to ensuring policy continuity to create a conducive environment for sustainable economic growth. On the occasion, Dr Andreas acknowledged Pakistan's leadership in adopting international accounting standards and commended the country for being an early follower of global practices.

He expressed appreciation for the support provided by ICAP in advancing those efforts, emphasising the role of professional organisations in promoting financial transparency and capacity building.

The meeting participants discussed the challenges and opportunities associated with the implementation of International Financial Reporting Standards (IFRS) in Pakistan.

Farukh Rehman and Rana Usman Khan shared insights into how ICAP and the Asia-Oceania Accounting Standards Group were contributing to strengthening the financial reporting system.

The meeting concluded with a mutual commitment to further strengthen Pakistan's financial documentation and reporting practices in line with the international standards.