Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb here Wednesday said that sustainable and inclusive economic growth imperative for progress and prosperity of the entire nation.
Addressing Sarhad Chamber of Commerce and Industry (SCCI) meeting as chief guest along with Minister of State for Finance and Revenue, Ali Pervaiz Malik, Senator Muhammad Aurangzeb said that the country have achieved economic stability after Federal Govt’s goal oriented policies and economic reforms that started positive effects on people lives.
He said that the Govt was committed to broadening its tax base and advancing with a focused approach to make Pakistan an export-led country.
The Govt has simplified the taxation process and the Tax Policy Office would be operationalized in a few days to facilitate taxpayers, industrialists and the business community. The Federal Minister said that information technology and digitalization were introduced in the Federal Board of Revenue (FBR) to save time and ensure more transparency in financial affairs.
The Minister said that Pakistan has been put in the right direction by the present elected Govt and great responsibility rests on the private sector to come forward and contribute richly in the country’s development process.
He said the private sector has to take a lead role in promotion of business and industrialization in the country especially in mineral rich Khyber Pakthunkhwa and Balochistan, adding that the Govt would facilitate business and industrialization to generate employment opportunities for youth and alleviate poverty in KP.
As a result of the Govt’s prudent economic and fiscal policies, he said that price hike has been slashed below signal digit and rice and IT exports achieved record growth during last one year that spoke volume of our commitment towards inclusive economic development. The Minister said that food inflation, current account deficit and pressure on Pakistani rupee has been significantly reduced and the country’s economy is stabilized.
He said that the business and industrialization sectors were being incentivized to generate employment opportunities for youth. The Federal Minister said that local industries and SMEs were being promoted for the people’s prosperity.
He said the Tax Policy Office would help facilitate traders and taxpayers besides take the country forward towards inclusive growth.
The Federal Minister said that he came here to personally observe and listen to the difficulties and problems of KP’s businessmen, asking the SCCI President to submit detailed workable proposals and recommendations for consideration in the upcoming budget.
He said the height of prosperity could be achieved by creating a balance between revenue and expenditure. He said that nothing has been delayed on the side of his department and now it was between the bank and client to address their issues.
Minister of State for Finance and Revenue, Ali Pervaiz Malik said that ‘we all are Pakistanis and it was our collective duty to work for progress and prosperity of the country. He said the Govt was endeavouring to create balance between income generation and expenditure and the Govt’s economic and fiscal policies besides reforms has immensely helped in achieving economic stability despite enormous challenges.
He said the Govt has ensured financial discipline and addressed issues related to tax refund. He said that the Govt was striving hard to provide relief to poor consumers of electricity. Before Shahbaz Sharif Govt took over, he said the country was facing an imminent economic collapse and prices of daily commodities were soaring high.
However, the Shahbaz Sharif Govt accepted the massive economic recovery’s challenge and put the economy back on track.
Earlier, SCCI President and other members of the organization welcomed the Federal Minister and Minister of State for Revenue and highlighted problems being faced by the business community. They were also presented with traditional turbans.
Governor KP
Federal Finance Minister Muhammad Aurangzeb and Minister of State for Finance Ali Pervaiz Malik visited the Governor House here on Wednesday, and discussed economic issues of the province with Governor Khyber Pakhtunkhwa Faisal Karim Kundi.
During the meeting, they held detailed discussions on the province’s political, social, and economic situation, along with the financial challenges it faces.
Governor Kundi raised concerns regarding the release of National Finance Commission (NFC) Award funds and developmental funds for the merged districts from the federal government.
The discussion also covered the business community’s and tribal residents’ reservations regarding the implementation of taxes in the merged districts.
Governor Kundi emphasized that the timely release of promised development funds is crucial to integrating the merged districts into the national development framework.
He expressed disappointment that the funds allocated for these districts were not fully utilized for their intended purpose by the provincial government.
Furthermore, the Governor presented economic and financial proposals from the province’s business community to the finance minister.
In response, Finance Minister Aurangzeb reaffirmed the federal governmentR17;s commitment to supporting KP’s economic growth.
He acknowledged the concerns of the business community and stressed that the federal government wants to see all provinces progress economically.
He also highlighted that KP’s business community has been given representation in the former FATA and PATA committees.
The meeting concluded with a shared commitment to ensuring economic stability and financial support for the province, particularly for the development of the merged districts.
