Finance Minister Muhammad Aurangzeb has said he will personally request Chief Justice Yahya Afridi to prioritize tax-related cases, aiming to reduce legal disputes between the Federal Board of Revenue (FBR) and taxpayers.
Speaking to the media, he emphasized the need for swift decisions on pending tax matters to prevent prolonged uncertainty. He stated that a recent meeting with the chief justice of Pakistan focused on tax issues and the urgency of resolving them.
He stressed that timely verdicts would provide clarity and minimize complications for businesses and taxpayers.
Discussing Pakistan’s commitments under the International Monetary Fund (IMF) Extended Fund Facility (EFF), the finance minister expressed optimism that the upcoming six-month review would reflect positive progress. He noted that the government is working within the programme’s constraints and remains on track to meet its structural benchmarks.
Aurangzeb also assured that the government is considering business community proposals for the upcoming budget. He explained that while some measures may be implemented immediately, others will be phased in over the next one to two years.
He confirmed that after Khyber Pakhtunkhwa and Punjab, the Sindh Assembly has now passed the Agriculture Income Tax Bill, marking further progress in taxation reforms.
Separately, addressing the pre-budget discussion session with the Islamabad Chamber of Commerce and Industry (ICCI) leadership, Finance Minister Muhammad Aurangzeb called on the private sector to play a more active role in Pakistan’s economic recovery, while assuring that the government remains committed to providing a supportive framework.
He expressed optimism about the country’s economic trajectory, citing increased investments and strong performance of existing investments.
He noted that the economy has stabilized over the past 12 months, with a reduction in the policy rate, a rise in both local and foreign investments, and a decrease in the inflation rate to 2.41 percent. He emphasized that the government is committed to ensuring that these benefits reach the public.
He highlighted the importance of a stable policy framework and continuity, which he believes are crucial for attracting further investment.
Aurangzeb said the government has initiated the budget-making process for the fiscal year 2025-26, aiming to align the national budget with its economic vision, “Uraan, Pakistan.”
The Federal Board of Revenue (FBR) has also sought tax-related proposals from stakeholders to broaden the tax base, introduce progressive taxation, and simplify tax laws.
Aurangzeb expressed hope that the policy rate would eventually drop to a single digit and assured the government’s full support for the capacity building and financing of SMEs.
He praised the ICCI leadership’s comprehensive budget proposals and noted that similar suggestions from other chambers would be considered to facilitate business operations and promote economic growth.
Minister of State for Finance Ali Pervez Malik, addressing the session, highlighted the bold decisions made under Prime Minister Shehbaz Sharif’s leadership to ensure the country’s economic well-being. “Every entity in the country must contribute to exports,” he stressed, emphasizing the need for export-led growth.
Malik credited Prime Minister Shehbaz Sharif and his team for preventing a financial default and stabilizing the economy, noting successes in reducing food inflation, the current account deficit, and pressure on the rupee through prudent economic policies.
He mentioned that the government’s initiatives aim to replace a borrowing-dependent model with a sustainably growing economy, promising that the Prime Minister would soon announce reductions in power tariffs and personally meet with the business community to address their concerns.
Nasir Mansoor Qureshi, President of ICCI, thanked the federal government, particularly the Finance Minister and the Minister of State for Finance, for involving the chambers in preparing proposals for the upcoming budget. He expressed confidence that collaboration between the government and the business community could steer the country toward sustainable growth and pledged the chamber’s full support.
He highlighted the chamber’s proposals for the forthcoming budget, which include tax reforms, reduced energy tariffs, incentives for a special economic zone in Islamabad, support for SMEs and startups, a zero-tax policy for IT exports, prioritizing renewable energy investment, subsidies for water conservation to boost agricultural productivity, an FBR facilitation desk at ICCI, a tax tribunal for swift dispute resolution, strengthening regional trade, expediting investor visa processes, and forming a joint dispute resolution committee with FBR members.
Atif Ikram Sheikh, President of FPCCI, commended the government for the steps taken towards economic stability but urged for more drastic measures to improve the business environment.
Rashid Mehmood Langrial, Chairman of FBR, assured that the business community’s issues related to his department would be addressed transparently.
Tariq Sadiq, Chairman of the Founder Group ICCI, highlighted the group’s contributions and emphasized that the government and the business community must work together to tackle economic challenges.
Sardar Tahir Mehmood, an executive member of ICCI, discussed issues in the real estate sector and expressed optimism that government measures would address these challenges.
Former ICCI President Mian Akram Farid excellently moderated the session. Abdul Rehman Siddiqui, Senior Vice President of ICCI, expressed the chamber’s commitment to fostering a conducive business environment.
The session saw significant participation from the business community, including Vice President Nasir Mehmood Chaudhry, former ICCI Presidents, Vice Presidents, and executive members.
