Prime Minister Shehbaz Sharif has warned that no institutional complacency will be tolerated in meeting the revenue and economic targets set for the new fiscal year, saying that he would personally monitor the progress of revenue collection and implementation of key economic goals. The premier made these remarks while chairing a high-level weekly review meeting on the digitisation and reform agenda of the Federal Board of Revenue (FBR).
During the meeting, it was revealed that reforms and enforcement of new tax laws enabled the government to collect an additional Rs865 billion in revenues compared to the previous year, an eightfold increase. The federal revenue-to-GDP ratio also improved significantly, reaching 11.3%, a 1.5% rise over last year.
Speaking on the occasion, PM Shehbaz applauded the Ministry of Finance and the tax-collection authority for achieving a historic 42% increase in federal tax revenues during the fiscal year 2024-25 – the highest surge in the past decade.
He instructed FBR to treat taxpayers with dignity and respect and called upon all public sector institutions to extend full cooperation with the revenue authority. The prime minister also stressed the need to broaden the tax net through digitalisation and enforcement.
He also issued key directives including expansion of the Track and Trace Digital Production System to cover all stages of production and distribution in order to bring untaxed production into the tax net, mandatory digitisation of production processes for tax non-compliant businesses and industries, widening the Point of Sale (POS) system in the retail sector to strengthen documentation and transparency and ensuring business facilitation by keeping FBR accessible to the business community and taxpayers.
The prime minister also congratulated the meeting participants on the successful passage of the upcoming fiscal year’s budget and reiterated the government’s unwavering commitment to ensuring Pakistan’s bright economic future.
It was informed during the briefing that the Track and Trace system has already been fully implemented in sugar, tobacco, and fertilizer sectors, and will soon be expanded to cement and other industries.
Saudi Envoy
Prime Minister Shehbaz Sharif on Wednesday appreciated the efforts by the Kingdom of Saudi Arabia for peace in the Middle East as well as its significant role in the ceasefire understanding between Pakistan and India.
The prime minister said this in a meeting with Ambassador of Saudi Arabia in Islamabad Nawaf bin Saeed Al Malkiy, while fondly recalling his warm and cordial telephone conversation with the Saudi Crown Prince on June 24 to discuss the regional situation, according to a PM Office press release.
He conveyed his respectful regards to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Saudi Crown Prince and Prime Minister Prince Mohamed bin Salman bin Abdulaziz Al Saud.
The prime minister told the ambassador that as Pakistan had assumed the rotating Presidency of the UN Security Council for the month of July, it would count on Saudi Arabia’s support to ensure that its tenure was conducted smoothly and successfully.
The Saudi ambassador thanked the prime minister for Pakistan’s role in peace and stability in the region.
President ANP
President of Awami National Party Aimal Wali Khan called on Prime Minister Muhammad Shehbaz Sharif on Wednesday and discussed matters of mutual interests.
During the meeting, they also discussed the overall political situation in the country.
ECO Summit in
Prime Minister Muhammad Shehbaz Sharif will lead Pakistan delegation at the 17th Summit of Economic Cooperation Organization (ECO) which is being held in Baku, Republic of Azerbaijan, on July 3-4.
The theme of the summit is “New ECO Vision for a Sustainable and Climate Resilient Future,” Foreign Office Spokesperson, on Wednesday, said in a press statement.
“During the Summit, the Prime Minister will share Pakistan’s perspective on key regional and global challenges, reaffirm Pakistan’s commitment to the ECO Vision 2025, and advocate for enhanced intra-regional trade, transport connectivity, energy cooperation, and sustainable development,” it was added.
The prime minister will also hold bilateral meetings with other ECO leaders on sidelines of summit to discuss matters of mutual interest.