PM shares willingness to cut taxes by 15% when possible

Prime Minister Shehbaz Sharif acknowledged the high tax burden on businesses and expressed his willingness to reduce taxes by 15% immediately if given the opportunity. However, he emphasized that the right time for such a measure will come.

Speaking at the federal government’s event marking the "Day of Construction and Development" in Islamabad, the Prime Minister highlighted Pakistan’s journey over the past year, stating that the country has moved from darkness to light. "This progress is not the achievement of an individual but the result of collective efforts," he said.

Recalling a critical moment in June 2023, he mentioned a conference in Paris where Pakistan’s IMF program faced uncertainty due to stringent conditions. "Inflation was at an all-time high, and common citizens bore the brunt of economic hardship. I salute them for their resilience because, without their sacrifices, we would not be where we are today," he remarked.

He further shared details of his meeting with the IMF Managing Director, who initially indicated that securing further financial assistance was unlikely. However, after discussing the issue with the Islamic Development Bank, Pakistan was able to secure a $1 billion commitment through swift budgetary amendments.

The Prime Minister assured the business community that future policies would be formulated in consultation with them. "We have made tough decisions to stabilize the country, and within a year, Pakistan has started progressing towards economic recovery," he asserted.

Referring to the September agreement with the IMF for a $7 billion loan, he credited teamwork for preventing Pakistan from defaulting. While refraining from direct criticism of the previous government, he acknowledged the severe economic downturn, stating that inflation had soared to 40% and investors had suffered significantly.

Highlighting the impact of inflation on the common people, he noted that salaried individuals contributed Rs. 300 billion in taxes. He also mentioned successful measures to curb smuggling from Afghanistan and the export of 211 million dollars’ worth of sugar this year.

Regarding national security, he lamented the resurgence of terrorism, stating, "In 2018, terrorism had been eradicated, but unfortunately, it has returned. We must ask why this has happened."

Prime Minister Shehbaz Sharif’s address underscored the government’s commitment to economic recovery, financial discipline, and national security, promising a brighter future for Pakistan.­j