ByFinance Minister Aurangzeb urges CJP to fast-track tax cases, highlights economic stability, IMF benchmarks, and pre-budget discussions with business leaders.
Government Seeks Early Resolution of Tax Disputes
Finance Minister Muhammad Aurangzeb stated that he would personally request Chief Justice Yahya Afridi to prioritize tax-related cases to reduce litigation between the Federal Board of Revenue (FBR) and taxpayers. Speaking to the media, Aurangzeb emphasized the need for swift decisions on tax matters to prevent business disruptions.
Government on Track to Meet IMF Benchmarks
Aurangzeb assured that Pakistan is on course to meet the structural benchmarks set by the International Monetary Fund (IMF) under the Extended Fund Facility Programme. He expressed optimism about the upcoming six-month review, highlighting the government’s commitment to fiscal discipline and reforms.
Sindh Assembly Passes Agricultural Income Tax Bill
Following similar measures in Khyber Pakhtunkhwa and Punjab, Sindh has also passed the agricultural income tax bill, demonstrating the government’s efforts to expand the tax base.
Private Sector’s Role in Economic Revival
During a pre-budget discussion with the Islamabad Chamber of Commerce and Industry (ICCI), Aurangzeb urged the private sector to play an active role in Pakistan’s economic recovery. He reaffirmed the government’s commitment to providing a stable policy framework to attract investments.
Economic Stability and Growth Indicators
The finance minister highlighted positive economic trends over the past year, including:
- A decrease in the policy rate
- Increased local and foreign investments
- A decline in the inflation rate to 2.41%
He stressed that the government will ensure these improvements translate into benefits for the general public.
Budget-Making Process for FY 2025-26 Underway
Aurangzeb outlined the government’s efforts in preparing the budget for the next fiscal year under its economic vision, “Uraan, Pakistan.” The FBR has invited tax proposals from stakeholders to broaden the tax net, simplify tax laws, and introduce progressive taxation. He expressed hope that the policy rate would soon drop to a single digit and assured full government support for SMEs.
ICCI’s Recommendations for the Budget
ICCI leadership presented several proposals for the upcoming budget, including:
- Tax reforms
- Reduction in energy tariffs
- Incentives for special economic zones
- Support for SMEs and startups
- Zero tax policy for IT exports
- Investment in renewable energy
- Subsidies for water conservation in agriculture
- Establishment of an FBR facilitation desk at ICCI
- Formation of a joint dispute resolution committee between ICCI and FBR
Government’s Commitment to Business-Friendly Policies
Minister of State for Finance Ali Pervaiz Malik emphasized the importance of export-led growth and praised Prime Minister Shehbaz Sharif’s leadership in stabilizing the economy. He credited the government’s policies for reducing food inflation, curbing the current account deficit, and strengthening the Pakistani rupee.
Power Tariff Reduction Expected Soon
Malik announced that the prime minister would soon deliver good news regarding power tariff reductions, demonstrating the government’s commitment to reducing business costs.
FBR Assures Transparency in Business Concerns
FBR Chairman Rashid Mehmood Langrial assured the business community that their concerns would be addressed transparently, reinforcing the government’s approach to business-friendly tax policies.
Public-Private Partnership for Economic Growth
ICCI President Nasir Mansoor Qureshi appreciated the government’s initiative to consult business chambers in budget planning. He expressed confidence that collaboration between the government and the business community could steer Pakistan toward sustainable economic growth.
The government’s proactive approach, combined with business sector support, aims to create a robust economic framework, fostering long-term stability and prosperity.
