PM orders clearance of tax refunds

Business delegation secures export refinance rate at 4.5% until 2027, PRAL head office moved to Karachi

ISLAMABAD:

A delegation of top leadership from chambers of commerce and industry across the country met with the prime minister, presenting proposals for the upcoming budget. The prime minister directed that all pending tax refund cases be cleared by June 15.

Prime Minister Muhammad Shehbaz Sharif met with the delegation, where detailed discussions were held on the upcoming federal budget, industrial development, export growth and the overall economic situation. On the occasion, the prime minister said that due to the government's continuous efforts and effective policies, the national economy has achieved stability, and further steps will be taken to ensure faster economic growth. He assured that additional facilities would be provided in the upcoming budget to promote industrial production and business activities.

The prime minister directed the Federal Board of Revenue (FBR) to resolve all pending tax refund cases by June 15 to address the difficulties faced by the business community. He stated that export-led economic growth is the government's core mission and that this goal will be achieved through collective efforts.

He also welcomed the decision by banks to maintain the export refinance scheme rate at 4.5% until June 2027, despite the recent increase in the policy rate, noting that this would benefit exporters.

PM Sharif also issued instructions to relocate the head office of Pakistan Revenue Automation Limited (PRAL) to Karachi to facilitate the business community. Additionally, approval was granted to establish a passport office in Gujrat on the request of overseas Pakistanis and traders. During the meeting, the development, reforms and facilitation of the SME sector were described as a key part of the government's economic agenda. The prime minister urged local investors to promote the domestic production of electric vehicles through joint ventures.

Participants of the delegation appreciated the diplomatic efforts of the prime minister, Deputy Prime Minister and Foreign Minister Ishaq Dar, and Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir in reducing tensions in the Gulf region and promoting peace. Representatives of the business community assured full cooperation with the government, stating that they stand alongside it to promote Pakistan's economic growth and increase employment opportunities. The delegation welcomed the launch of a loan scheme under the "Prime Minister Apna Ghar Programme" for low and middle-income groups on easy terms. Participants also thanked the government for reforms in the Export Development Fund board, the successful privatisation of Pakistan International Airlines, the digitisation of FBR, and initiatives such as e-invoicing.