This article describes Finance Minister Muhammad Aurangzeb addressing the business community, prioritizing fiscal discipline, reforms, and private sector collaboration to boost Pakistan’s economy, handling tax burdens, power sector reforms, and agriculture sector development. He also discussed outlining his economic strategy to address financial challenges, emphasizing fiscal discipline, reforms, and private sector collaboration to raise the country’s economy.”
Federal Finance Minister Muhammad Aurangzeb addressed the business community at the FPCCI Lahore, showing their concerns but stating that the government cannot provide relief from recent budget measures due to financial pressure. He emphasized the need to raise the tax-to-GDP ratio from 9.5% to 13% in 2 years. Aurangzeb highlighted the importance of transparent reforms, equal taxation, and lessening expenses by closing unnecessary government departments and privatizing state-owned entities.
He recognized high-level rates as an impediment for investors but attributed this issue to the State Bank of Pakistan’s monetary committee. Aurangzeb highlighted that many traders have registered under the new scheme and will pay taxes according to FBR rates. He also discussed power sector reforms, including renegotiations with IPPs and plans for private sector boards to manage power distribution. “Foreign donors have slowly started providing soft loans. We are expecting an IMF program very soon.”
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The minister expressed respect for domestic investors and vowed to facilitate them by lessening costs. He claimed that foreign exchange reserves have reached $9 billion and expressed optimism about the next IMF program and increased foreign direct investment. Aurangzeb prioritized agriculture sector reforms, which he believes will boost the economy.
Businessmen believed in their cooperation but restated their demand for reduced tax burdens and urged the government to target tax invaders instead of increasing taxes. Overall, Aurangzeb’s address highlighted the need for financial discipline, reforms, and private-sector collaboration to revitalize Pakistan’s economy.
By Yahoo news
