A pre-budget seminar was organized at the Rawalpindi Chamber of Commerce and Industry (RCCI) where Minister of State for Finance and Revenue, Bilal Azhar Kayani addressed the business community and shared the government’s economic priorities ahead of the upcoming federal budget.
Speaking on the occasion, Bilal Azhar Kayani said that the government intends to reduce the burden on taxpayers and the salaried class in the forthcoming budget. However, he noted that due to commitments under the IMF program, there is limited fiscal space available for major relief measures. He informed participants that the federal budget is expected to be presented during the first week of June and assured the business community of zero tolerance against high-handedness and harassment by tax authorities.
The minister stated that over the past two years, the government has achieved economic stability through fiscal discipline, resulting in improved foreign exchange reserves and restoration of confidence among international financial institutions. He added that despite the impact of regional conflicts, the Pakistani rupee remained stable and the country did not face shortages of petrol and diesel unlike several other countries in the region.
Bilal Azhar emphasized that increasing exports and strengthening the national economy remain the government’s top priorities so that Pakistan can eventually move away from dependence on IMF programs. He further shared that special measures are being introduced to facilitate Small and Medium Enterprises (SMEs), while the utilization period for imported goods by small exporters has been extended to 18 months to support ease of doing business.
He said the government continues consultations with the business community and remains committed to providing maximum possible relief despite global economic pressures. He added that efforts are underway to introduce greater facilitation and ease for businesses in the upcoming budget.
Discussing privatization reforms, the minister stated that the privatization process is progressing rapidly. He mentioned that the privatization of Pakistan International Airlines has recently been completed, while the process for privatizing three power distribution companies is currently underway. He remarked that privatization offers a sustainable solution for improving the performance of these sectors and that the Privatization Commission is actively working on these initiatives.
He also highlighted that the Prime Minister has approved a housing finance scheme aimed at supporting the construction sector and stimulating economic activity.
President RCCI Usman Shaukat, in his address, demanded the abolition of super tax, reduction in corporate and sales tax rates, and an increase in the minimum taxable income threshold for the salaried class. He also stressed the need to reduce the cost of doing business and introduce a long-term industrial policy for sustainable economic growth.
Former President and Group Leader Sohail Altaf called for an immediate end to harassment and misuse of authority by government departments and officials, emphasizing the need for improved behavior and facilitation for businesses.
Former President Asad Mashhadi said that Pakistan’s recent diplomatic achievements should also be transformed into economic opportunities to strengthen trade and investment in the country. Representatives from the trade associations, Shahid Ghafoor Paracha, Shiekh Hafeez, Munir Baig Mirza, SVP Small Chamber Dost Jan, sectors like gems and jewelry, food among others also had an interactive session with the minister of estate. Senior Vice President Khalid Farooq Qazi, Vice President Fahad Barlas, Former Presidents, executive committee members tax bar association representatives and large number of members attended the session.