Finance Minister Muhammad Aurangzeb on Wednesday confirmed that Pakistan has formally sought a U.S. Exchange Stabilization Support Facility as part of efforts to strengthen the national currency, stabilize foreign exchange reserves and reduce reliance on repeated loan rollovers.
Speaking with media at the Federal Board of Revenue (FBR) headquarters, he said negotiations with Washington were underway, adding Islamabad expected a response from the U.S. Treasury or U.S. Exim Bank by the end of September.
The request, reportedly for $10 billion, aims to signal confidence in Pakistan’s currency and external-sector stability rather than serve as a conventional loan. He said Pakistan was also seeking to move toward debt maturities of five, seven and 10 years to reduce dependence on repeated bilateral rollovers. The government is exploring options to extend the maturity of existing bilateral loans to as long as 10 years, he added.
Simplified tax returns
In his conversation with media for the launch of a mobile application for the Fixed Tax Asaan Scheme, the minister also reiterated his call for a simplified tax return form for salaried taxpayers. He said there was “no logic” behind the lengthy and cumbersome process currently applied to one of the country’s most documented segments. He lamented even an MBA graduate would struggle to complete the form in its present state.
According to Aurangzeb, around 70% of salaried income is deposited directly into bank accounts after tax deductions, leaving little scope for additional income streams to justify such a complicated filing process.
Asaan Tajir app
The newly launched app, currently available on the Google Play Store but set for release on Apple’s App Store soon, contains a simplified form in Urdu aimed at facilitating retailers. Once downloaded, the app generates a payment slip identification number (PSID) during registration, enabling traders to pay their tax through the app.
After payments, users are notified of their registration under the scheme and their updated tax filer status, along with information about the benefits available to them.
Minister of State Bilal Azhar Kayani, accompanying Aurangzeb, said the app would be available in multiple languages, including Pashto, Balochi and Sindhi, by the first week of September. He said traders needed assistance would also be able to approach designated focal offices and officials at Regional Tax Offices in each district.
Kayani said traders who register under the scheme by the filing deadline would receive a physical green identification plate free of cost, with late filers having to pay around Rs. 1,500.
FBR Chairman Rashid Langrial said any trade displaying the plate would be exempt from visits by FBR officers or officials for routine tax matters. He hoped the scheme would generate a strong response in terms of both registration and revenue collection.