A high-level delegation from the Pakistan Business Council (PBC) led by its Chairman, Shabbir Diwan here on Monday called on Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb and his team to share ideas for a sound fiscal policy, serving long-term objectives of promoting investment, creating jobs, supporting exports and generating resources to achieve sustainable and equitable growth. The PBC delegation was also comprising on its Vice Chairperson Ms. Zeelaf Munir, CEO Ehsan Malik and other office-bearers. Secretary Finance, Chairman FBR and senior officials from the Finance and Revenue divisions also attended the meeting which was part of the ongoing consultation process initiated by the Ministry of Finance and Revenue ahead of the Federal Budget for FY 2025-26. During the session, the PBC delegation presented a comprehensive set of proposals and recommendations for fiscal policy and the tax regime for FY26 and beyond. These proposals aimed at aligning the country’s economic objectives with the goal of ensuring sustainable growth and social development. The PBC delegation highlighted key economic objectives, including balancing the external account through exports and indigenization, as well as balancing the fiscal account by formalizing the economy and broadening the tax base. They emphasized the importance of fostering business growth, creating jobs, and driving socio-economic development, ultimately boosting productivity across sectors. Among the proposals discussed were recommendations for promoting a fair distribution of the tax burden, the imposition simplification, unification, and digitization of the tax return process, while minimizing the impact on businesses’ cash flow. In addition, the PBC delegation shared several proposals aimed at broadening the tax base, including measures to encourage non-filers to join the tax net, incentivizing tax filers, enhancing transparency, improving accountability, and reducing the prevalence of benami transactions.
PBC shares fiscal policy proposals with finance minister
Published on: January 28, 2025 8:28 AM