Islamabad: Minister for Finance Senator Muhammad Aurangzeb has reiterated that the government is committed to creating an enabling environment for businesses to thrive. He was talking to a high-level delegation of Pakistan Business Council (PBC), who called on him in Islamabad on Monday.
According to Radio Pakistan, the delegation shared ideas with the Finance Minister 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 Finance Minister emphasized the government’s commitment to ensuring an equitable, efficient, and optimal taxation system.
Senator Aurangzeb announced that the government has decided to move the tax policy unit out of the Federal Board of Revenue (FBR) and house it within the Ministry of Finance to safeguard the integrity of tax policy from revenue collection pressures. He stressed the government’s resolve to increase the tax-to-GDP ratio to 13.5 percent within the next three years. This goal will be pursued through broadening the tax base by leveraging technology, improving data analytics, and streamlining tax processes.
The Finance Minister also appreciated the Pakistan Business Council’s proposals and assured the delegation that teams from the Federal Board of Revenue (FBR) would engage with the PBC in the coming days to thoroughly examine and consider all suggestions. During the meeting, both sides reaffirmed their commitment to working collaboratively to ensure that Pakistan’s fiscal policy and tax regime are aligned with the nation’s growth and development objectives.
The Pakistan Business Council delegation was led by Chairman Shabbir Diwan and accompanied by Vice Chairperson Ms. Zeelaf Munir, CEO Ehsan Malik, and other office-bearers.