FM pledges consultation with masses, business community regarding economic decision

Highlights the need to expand tax base and include more retailers in the tax system

KARACHI:

Finance Minister Muhammad Aurangzeb stated on Monday that decisions regarding economic matters would be made after consulting both the public and the business community to achieve positive results.

A delegation from the Pakistan Business Council held discussions with FM Aurangzeb concerning the upcoming fiscal year's budget. During the meeting, the delegation presented specific tax proposals and commended the government's ongoing efforts.

Aurangzeb assured the delegation that their recommendations were being carefully considered and would be taken into account as much as possible in the finalization of the budget.

Additionally, the finance czar informed the delegation about the ongoing initiatives of the Federal Board of Revenue (FBR). He emphasized that these efforts aim to expand the tax base and include more retailers in the tax system.

Earlier, Aurangzeb had underscored the country's need to 'privatise' critical sectors of the country. He emphasised the urgent need to address the unsustainable losses incurred by state-owned enterprises, a burden disproportionately borne by the public.

He added that looking ahead, the administration plans to initiate the outsourcing of airports, a strategic move intended to stimulate economic growth by leveraging private sector efficiency.

The FM also highlighted that the country's current Tax-to-GDP ratio of 9.5% was not sustainable. While education, universities, and hospitals can be sustained through donations, the country can only function through taxes, he said.