ISLAMABAD: Federal Finance Minister Muhammad Aurangzeb, on Monday, reaffirmed the government’s resolve to convert macroeconomic stability into sustainable economic growth and involve all stakeholders in this process.
He reiterated the views while speaking at a press conference following a meeting with the Overseas Investors Chamber of Commerce and Industry (OICCI). Advisor to Finance Minister Khurram Schehzad, President OICCI Yousaf Hussain, and Secretary General OICCI Abdul Aleem also attended.
The finance minister, on this occasion, also accentuated the budget proposals for the construction and real estate sector specifically for first time homeowners and small scale houses and asserted that the government is accentuating the provision of easy loans and the State Bank is also formulating a comprehensive scheme in this regard that would be finalized shortly.
He briefed the media on his two individual meetings with banking sector and foreign investors’ executives for discussing the overall macroeconomic stability of the last fiscal year, as well as the banking, trade, and industrial sectors’ contribution towards the achievement of the objectives of sustainable economic growth.
The overall economic situation improvement has reduced the government’s reliance on the banking sector borrowing, and consequently availability of private sector financing in the nation has also improved, he added and appreciated the rise in financing to the private sectors and agriculture.
The privatization itself of PIA and other 24 state owned entities (SOEs) and revival of sick units alongwith the role of banking sector in this context were debated in detail during the meeting, with banking sector executives who were also joined by Governor SBP, the finance minister informed, stating that large private sector corporations were willing to be part of the privatization process while government is developing an industrial policy which includes revival of sick units and important role of banking sector in the process.
Aurangzeb, while addressing his meeting with top leadership of major multinational companies that have offices in Pakistan at OICCI, stated that we would like to take national and international investors along with Pakistan on the path of sustainable growth.
He mentioned the renewal of the Federal Board of Revenue with simplification and automation of procedures and stated that it would assist in building confidence of the public and business community regarding the tax system and policies.
On the issue of granting extended powers to tax officials, the finance minister averred that the issue was deliberated extensively-clause by clause, in the standing committees of both houses of parliament as well as technical advice was also taken from legal experts.
He told we have come up with several safeguards in the law for handling the matter of Sales Tax frauds, and the option of arresting the suspected fraudulent individual would be applied in the case if the amount in question exceeds Rs. 50 million, and that also with the authorization of a three-member FBR board at the commissioner level, he made it clear and informed that a meeting had been scheduled on Tuesday in Islamabad to discuss their reservations with representatives of the business community.
Maximum possible relief was given through the budget 2025-26 in the income tax to the salaried class, whereas tax return forms were also made simple, he added. We desired to ease the way of the salaried class through simplification of the process, and the same facility will be provided to small traders and SMEs in the future as well, he said.
The finance minister, on this occasion, also pointed out the budgetary measures for the real estate and construction industry especially for first time property owners and small housing units and added that the government was giving priority to provision of easy loans and the State Bank is also making a detailed scheme in this regard which will be finalised soon.
