Artificial intelligence to drive new tax model, says Aurangzeb – Business

Source Domain: www.dawn.com

Finance Minister Muhammad Aurangzeb announced a new AI-led engagement model to minimize human intervention in tax administrations during a banking summit in Karachi.
Notices will now be issued through AI-led systems as parliament approved a new operational structure.
The minister expressed optimism about launching international bonds.
Pakistan successfully issued a Panda Bond in the Chinese market, raising Yuan equivalent to $250 million in mid-May. This bond attracted more than five times its target demand.
The government is preparing to launch more Eurobonds and sukuk in international markets, including dollar-settled rupee-linked bonds, a new experience for Pakistan.
Requests for proposals have been issued to international investors for assessing market demand and pricing for the new bonds.
The minister highlighted increased activity in the Pakistan Stock Exchange, with more investors, including Gen Z, entering the market and corporate profitability returning to double digits.
The focus of the current budget is export-led growth, removal of certain taxes, and low-cost financing, signaling a favorable environment for the banking industry crucial for the country’s growth.

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