Daily Times

Federal Minister for Finance and Revenue, Shaukat Tarin has said that the government firmly believes in a pro-people budget by following a consultative process with all stakeholders on board.

The underlying rationale is to achieve an all-inclusive sustainable economic growth by seeking valuable input from investors, traders and business community, added Tarin while chairing a consultative meeting with senior representatives of Pakistan Business Council, Pak-US Business Council and Overseas Investment Chamber of Commerce and Industry (OICCI) on Monday.

Adviser to the PM on Commerce Abdul Razak Dawood, SAPM on finance and revenue, chairman Federal Board of Revenue (FBR) and other senior officers participated in the meeting.

The finance minister welcomed the participants and appreciated the efforts for putting forward proposals for a growth-oriented and business-friendly budget for fiscal year 2021-22. He underlined that Pakistan has witnessed V-shape recovery amid pandemic due to prudent policies of the government.

The government has identified 12 sectors, under the banner of Economic Advisory Council (EAC), to formulate short, medium and long term strategies to achieve an inclusive sustainable economic growth and social development with special focus on agriculture, housing, exports and revenue mobilisation.

Commenting on the upcoming budget, the finance minister assured that the upcoming budget envisages maximum relief to the common man. The government will come up with innovative out-of-the-box alternatives to achieve the revenue targets, by providing incentives and facilities, besides broadening the tax base rather than new taxes. There will be no regressive taxation and stern action will be taken against tax evaders, he added.

The finance minister directed to constitute a consultative committee comprising representatives of PBC, OICCI and FBR to work out proposals with mutual consultation on a regular basis.

Later, the finance minister held a virtual meeting with the delegation of Pakistan Chamber of Commerce and Industry (FPCCI) through a video link.

The finance minister outlined that Pakistan’s economy is showing signs of recovery amid the coronavirus pandemic, with construction and manufacturing sectors in lead. However, the smart and micro lockdowns during the third wave have posed new challenges.

He said the government is pursuing a strategy to achieve robust economic growth to benefit under-privileged and middle class for ensuring equal distribution of economic gains across all segments of the society. He added the government will encourage self-assessment and incentivize businessmen and traders to pay taxes in line with best international practices.

The finance minister stated that the suggestions presented during the meetings for Budget preparation would be accorded due consideration. He also assured to have a regular interaction with members of FPCCI and affirmed that all key stakeholders would be taken on board before making important economic decisions.