Daily Times

Prime Minister Shehbaz Sharif expressed the resolve on Tuesday to bring macroeconomic stability and put Pakistan the path of growth.

Addressing the Tax Excellence Awards ceremony in Islamabad, the premier said ensuring export-led growth through joint efforts was the only solution to make the country debt-free. The prime minister also said the government will strive to elevate productive sectors such as industries, information technology (IT), and agriculture.

Referring to the new IMF programme, the premier said the government is taking the step to bring stability to the country’s economy.

“The state will also focus on addressing the issue of inflation while ensuring growth and creating job opportunities,” said PM Shehbaz, adding that the federal government along with the provincial governments will create an enabling situation for the private sector and address the issues faced by the sector.

Shehbaz added that refunds to the tune of Rs65 billion were made to the exporters and expressed determination for timely payments of refunds in the future.

The prime minister also vowed to provide electricity to industries at competitive rates with the aim of increasing productivity.

In regards to investments, the PM said that a platform of the Special Investment Facilitation Council (SIFC) has been formed to attract foreign inflow and the second phase of the China-Pakistan Economic Corridor (CPEC) will be developed in a timely manner.

Talking about tax reforms, the PM said the Federal Board of Revenue (FBR) will be restructured and mentioned the hiring of consultants, scheduled for next month, for the complete digitalization of the tax collection body. Highlighting the low tax-to-GDP ratio, the premier said the tax base needs to be enhanced while terming the leading taxpayers and exporters ‘heroes of the country’ and announced that they will be issued blue passports.

Additionally, he mentioned that top taxpayers would be presented with an honour card while the top recipient of each category of today’s awards will be bestowed with the status of honorary ambassador.

The PM also said these benefits were aimed at higher tax collection. Finance Minister Muhammad Aurangzeb, speaking on the occasion, said that they wanted to ensure transparency and increase revenue collection through FBR’s digitalization. The finance czar expressed confidence that the initiative would help regain the trust and confidence of the people in FBR.

Chairman FBR Amjad Zubair Tiwana stated that an agreement was recently reached to automate the processes and digitalize the tax administration.

Separately, Prime Minister Shehbaz Sharif on Tuesday met with President Asif Ali Zardari wherein they expressed their resolve to steer the country out of prevailing challenges. In the meeting, they discussed the country’s overall political and economic situation, a President House press release said.

The meeting also featured the deliberations on the measures to extend relief to the masses during the Holy Ramazan.