Add news
News Every Day |

Minister defends McKinsey’s hiring for tax digitisation

6

• Says foreign remittances may rise up to $36bn this year
• NA extends two ordinances for 120 days

ISLAMABAD: Amidst alarm over the hiring of a US-based company for digitalisation of tax system in the country, Finance Minister Muhammad Aurangzeb on Monday told the National Assembly that McKinsey and company was selected after a “transparent competitive” process.

MQM-P lawmaker Syed Hafezuddin while speaking on a calling attention notice had pointed out that the New York-based company had subsidiaries for artificial intelligence (AI) services and solutions operating in Israel and India.

The finance minister said as many as seven parties, including international players and domestic companies, had applied for it and McKinsey was selected through a rigorous process.

He said the matter should be seen in the context of government’s desire to transform the tax authority with the focus on people, procedure and technology.

Explaining his point, Mr Aurangzeb said it was aimed at inducting “competent people having integrity” and simplifying the procedures.

He said another component was end-to-end digitisation of tax regime so as to bring transparency in the system, reduce human intervention and effectively address the issues of corruption and harassment.

“It is all about client service so that we could bring credibility and trust back in tax authority,” he remarked.

Funds

The minister said McKinsey was an international company having office in Pakistan with resources on ground. “They are helping us in design phase and overseeing implementation”.

He said the national exchequer was not incurring a single penny for this purpose. He explained that the Gates Foundation was funding this project.

Also, the lower house of parliament through separate resolutions extended two ordinances for another 120 days.

These included the Income Tax (Amendment) Ordinance, 2024 and the Federal Board of Intermediate and Secondary Education (Amendment) Ordinance, 2024.

Besides, two bills — The Anti-Dumping Duties (Amendment) Bill, 2025 and The Extradition (Amendment) Bill, 2025 — were introduced in the house.

Also, “the Societies Registration (Amendment) Ordinance, 2024” was laid before the assembly.

Remittances

Earlier, during the question hour, the finance minister informed the house that foreign remittances this year were projected to increase from around US$30 billion last year to between $35bn and $36bn.

He said to improve foreign remittances inflow through formal channels, Pakistan Remittances Initiative (PRI) and SBP in collaboration with financial institutions conducted extensive outreach activities. He said a comprehensive pre-departure briefing programme was designed for intending overseas workers to educate them on utilising formal remittance channels and available advantages therein.

Also, banks, guided by SBP/PRI, collaborate with money transfer operators to highlight the economic importance of remittances, build international partnerships, and inform overseas Pakistanis about ease of using formal channels, he added.

Pay raise reports

Also, in a written reply to a question asked by PTI Chief Whip Malik Amir Dogar about revision in salaries of government officials, the finance ministry clarified Mr Aurangzeb did not mention any revisions to pay scales for government employees during the session and the “news broadcast attributed to him in this regard is not based on reality”.

The ministry said the proposal to revise pay scales is not under consideration, however, Mr Aurangzeb confirmed the issue of increasing the rent limit for availing the services of privately owned residential houses was under consideration after receiving the revised market survey from the ministry of housing and works.

Recalling the figures of current account deficit in recent years, the minister said current account deficit was brought down substantially from 5.4pc of GDP in FY18 to 0.8pc in the next year. But due to strong recovery of domestic demand after Covid and higher international commodity prices, it widened sharply again to 4.7pc of GDP ($17.5 billion) in FY22.

However, he added, following the well-coordinated implementation of demand stabilization policies by the government and State Bank of Pakistan, current account deficit substantially narrowed to 1.0pc of GDP ($3.3bn) in FY23 and further to 0.5pc of GDP ($1.7bn) in FY24.

During the first seven months of FY25, current account balance turned into surplus, driven by robust workers’ remittances, contained demand and favorable international commodity prices.

He said tight monetary policy stance during past years, complemented by ongoing fiscal consolidation, not only reduced inflation but also curbed aggregate demand, subsequently lowering the current account deficit.

He said SBP’s foreign exchange reserves which fell to $4.4 billion in FY23 also witnessed a significant increase of about $4.9bn in FY24 to $9.4bn by end of June 2024 and continued an upward trajectory in FY25, reaching to $11.4bn by end-Jan 2025.

Published in Dawn, March 18th, 2025

Москва

Бригады скорой помощи Подмосковья вернулись из командировки в Курской области

Реклама
Top 6 nutrition questions men should ask themselves after 40

To maintain health and remain full of energy, men will be helped by this

Jared Padalecki Teases 'Supernatural' Reunion With Jensen Ackles & Misha Collins on 'The Boys'

Liverpool emerge as frontrunners to sign Chelsea & Newcastle United transfer target

The Spectrum: State of the State; Columbus business leader

Dina Pugliese and Tim Bolen Are Hosting Breakfast Television

Ria.city
Реклама
The most beautiful beach towns with cheap living

A huge number of people around the world dream of one day breaking out of the daily routine






Реклама
Recommendations to help you get a great harvest of potatoes

Life hacks to help you get a big potato harvest: Asian farmers share tips


Реклама
I bought a watermelon in the market weighing 130kg.

but when he cut it, he was very surprised. It was inside

Read also

Manchester United Table €70 Million Bid for Raphinha

Israeli strikes across Gaza kill at least 326 Palestinians and shatter ceasefire with Hamas

Justice is denied for most shooting victims in Chicago

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

How 3 MILLION dogs are being slaughtered ahead of World Cup with executions & poisoned food… but Fifa is doing nothing

Today24.pro — latest news 24/7. You can add your news instantly now — here


News Every Day

How 3 MILLION dogs are being slaughtered ahead of World Cup with executions & poisoned food… but Fifa is doing nothing



Sports today


Новости тенниса
WTA

Мирра Андреева обыграла первую ракетку мира Арину Соболенко в финале турнира WTA 1000 в Индиан‑Уэллсе



Спорт в России и мире
Москва

Как избежать травм в тренажерном зале: техника безопасности



All sports news today





Sports in Russia today

Москва

Как избежать травм в тренажерном зале: техника безопасности


Новости России

Game News

wDrive Roads: Россия 2.44.0


Реклама
The most beautiful beach towns with cheap living

A huge number of people around the world dream of one day breaking out of the daily routine

Реклама
The most beautiful beach towns with cheap living

A huge number of people around the world dream of one day breaking out of the daily routine

Реклама
The most beautiful beach towns with cheap living

A huge number of people around the world dream of one day breaking out of the daily routine

Russian.city

Реклама
The most beautiful beach towns with cheap living

A huge number of people around the world dream of one day breaking out of the daily routine


Москва

Отделение СФР по Москве и Московской области с 2025 года автоматически установило надбавки к пенсиям более 743 тысяч жителей региона с инвалидностью I группы и гражданам старше 80 лет


Губернаторы России
ЦБ

Fork-Tech: разрешение сделок с криптовалютами поможет ЦБ протестировать регуляторные механизмы


ТСД SAOTRON RT41 GUN: практичный, производительный, надёжный

Вице-премьер Оверчук рассказал о потенциальном расширении МТК «Север-Юг»

Россиянам могут разрешить оформлять ОСАГО через «Госуслуги»

это строка мета тайтл - заполненные данные реальные


Вивальди при свечах

«Светлый ручей» вернули в безопасное русло // В Большом вновь появился комедийный хит Дмитрия Шостаковича

Долина рассказала о внучке, мечтающей пойти по ее стопам: «Я ей запретила»

В Вологодской области стартует проект «Движение по вертикали. Памяти Станислава Говорухина»


Борис Беккер призвал Синнера, Зверева и Алькараса опасаться Джека Дрейпера

«Удержаться сложнее!»: Кафельников об успехе Андреевой на турнире серии WTA-1000

Андреева обыграла Соболеву и победила в финале WTA в Индиан-Уэллсе

Медведев не смог выйти в финал «Мастерса», Овечкин приблизился к Гретцки. Главное к утру


Реклама
Top 6 nutrition questions men should ask themselves after 40

To maintain health and remain full of energy, men will be helped by this


Женские спортивные сообщества и формирование субкультур

ТСД SAOTRON RT41 GUN: практичный, производительный, надёжный

Как тренироваться для подготовки к марафону

Как избежать травм в тренажерном зале: техника безопасности


Ямальские росгвардейцы стали призёрами Чемпионата Уральского округа Росгвардии по дзюдо

В Приморье работник ведомственной охраны Минтранса России предотвратил пожар на охраняемом объекте

Краснодар продемонстрировал яркие таланты: итоги отборочного тура детского благотворительного фестиваля «Добрая волна»

Собянин: утверждена визуальная концепция станции "Народное ополчение"


СК начал проверку после прорыва трубы с кипятком в жилом комплексе в Москве

Ульяновский туристический потенциал представили на Международной выставке в Москве

В столице пройдет XIV Московский фестиваль хоров воскресных школ

Герой России возглавил «Воронежское Землячество» в Москве


Реклама
The most beautiful beach towns with cheap living

A huge number of people around the world dream of one day breaking out of the daily routine


Путин в России и мире
Реклама
Top 6 nutrition questions men should ask themselves after 40

To maintain health and remain full of energy, men will be helped by this



Реклама
Top 6 nutrition questions men should ask themselves after 40

To maintain health and remain full of energy, men will be helped by this



Реклама
The most beautiful beach towns with cheap living

A huge number of people around the world dream of one day breaking out of the daily routine



Реклама
Top 6 nutrition questions men should ask themselves after 40

To maintain health and remain full of energy, men will be helped by this

Персональные новости Russian.city
Анастасия Волочкова

«Глава семьи»: стало известно, сколько зарабатывает будущий зять Волочковой



News Every Day

Jared Padalecki Teases 'Supernatural' Reunion With Jensen Ackles & Misha Collins on 'The Boys'




Friends of Today24

Музыкальные новости

Персональные новости