The Federal Minister for Finance and Revenue, Shaukat Tarin, chaired a consultative meeting with senior representatives of the Pakistan Business Council (PBC), the Pak-US Business Council, and the Overseas Investment Chamber of Commerce and Industry (OICCI) at the Finance Division.
The Adviser to the Prime Minister on Commerce, Abdul Razak Dawood, along with the Special Assistant to the Prime Minister (SAPM) on Finance and Revenue, the Chairman Federal Board of Revenue (FBR), and other senior officers also attended the meeting.
The Minister for Finance welcomed the participants and commended the efforts made in putting forward proposals for a growth-oriented and business-friendly Budget FY 2021-22.
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He stated that the government firmly believes in a Pro-people Budget by following a consultative process with all stakeholders on board. The underlying rationale of it is to achieve all-inclusive sustainable economic growth by seeking valuable input from investors, traders, and the business community.
Minister Tarin underlined that Pakistan has had a V-shaped recovery amid the pandemic due to the prudent policies of the government. The government has identified 12 sectors under the banner of the Economic Advisory Council (EAC) to formulate short, medium, and long-term strategies to achieve inclusive sustainable economic growth and social development with a special focus on agriculture, housing, exports, and revenue mobilization.
While commenting on Federal Budget, he affirmed that the upcoming Budget is aimed at providing maximum relief to the common man. The government will devise innovative out-of-the-box alternatives to achieve the revenue targets by providing incentives and facilities besides broadening the tax base rather than new taxes. There will be no regressive taxation, and stern action will be taken against tax evaders, he added.
Minister Tarin also called for the constitution of a Consultative Committee comprising representatives of the PBC, the OICCI, and the FBR to work out proposals with mutual consultation on a regular basis.
Later on, he held a virtual meeting with the delegation of the Pakistan Chamber of Commerce and Industry (FPCCI) via video link.
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He stated that Pakistan’s economy is showing signs of recovery amid the pandemic, with construction and manufacturing sectors in the lead. However, the smart and micro lockdowns during the third wave have posed new challenges. The government is pursuing a strategy to achieve robust economic growth to benefit the underprivileged and middle classes to ensure the equal distribution of economic gains across all the segments of society. The government will encourage self-assessment and will incentivize businessmen and traders to pay taxes in line with best international practices.
In his concluding remarks, the minister said that the suggestions presented during the meetings for the preparation of the Budget would be accorded due consideration. He also assured regular interaction with the members of the FPCCI, and affirmed that all the key stakeholders will be taken on board before the making of important economic decisions.
