Finance Minister Muhammad Aurangzeb pledged on Monday to engage extensively with both the public and the business community before making any significant economic decisions, aiming for outcomes that benefit all stakeholders.
A delegation from the Pakistan Business Council met with FM Aurangzeb to discuss proposals for the upcoming fiscal year’s budget. They presented detailed tax suggestions and expressed appreciation for the government’s ongoing economic initiatives.
Aurangzeb assured the delegation that their input was crucial and would be carefully considered in the finalization of the budget. He also briefed them on the Federal Board of Revenue’s efforts to broaden the tax base, emphasizing the inclusion of more retailers in the tax system.
Earlier, Aurangzeb emphasized the imperative to privatize key sectors of the economy, citing unsustainable losses incurred by state-owned enterprises that burden the public disproportionately. He highlighted plans to initiate the outsourcing of airports to enhance economic efficiency through private sector involvement.
The Finance Minister also underscored the country’s Tax-to-GDP ratio of 9.5%, describing it as unsustainable. He stressed the essential role of taxes in sustaining essential services like education and healthcare, emphasizing that donations alone cannot support the country’s functioning.
