Finance Minister Muhammad Aurangzeb said on Wednesday that the Federal Board of Revenue (FBR) should focus entirely on tax collection to ensure economic progress.
Addressing the business community in Peshawar, he highlighted several government reforms designed to foster stability and growth in Pakistan's economy.
He mentioned that measures such as lowering the policy rate and interest rates are a result of ongoing economic reforms. According to the Finance Minister, these reforms are beginning to yield positive results, and the country’s economy is steadily moving towards stability.
The minister also emphasised the role of technology in reducing human intervention and minimising corruption.
He stated that the primary aim of integrating technology into the tax system is to simplify processes for everyone. With technology, the government aims to create more transparency and provide better facilities to taxpayers.
In line with this, the Finance Minister revealed that the tax policy office has been moved from the FBR to the Ministry of Finance. The move has already been approved by the federal cabinet, and the shift is part of a broader effort to bring more transparency and efficiency to the tax collection process.
He also acknowledged three key issues troubling business owners: the cyber rate, which has decreased from 23% to 11%, as well as other systemic challenges.
Aurangzeb said that the government is actively working to address these concerns and to create a more supportive environment for businesses.
Regarding the auto sector, the finance minister said that the second shift at auto manufacturers in Karachi has now been launched, which will further boost local production.
He noted that the government is working hard to eliminate the difficulties faced by the business community, particularly in public financing by focusing on reducing expenses.
Aurangzeb called for early budget preparations and encouraged business leaders to submit their proposals, ensuring that the upcoming budget would be tailored to meet their needs.
He said: "The consultations have already taken place to incorporate these proposals into the budget, while some suggestions may be included in future budgets as well."
The finance minister assured the business community that whether exports were at 1% or 2%, the government would support them.
He clarified that while the textile sector was not the focus, the IT sector was receiving significant attention.
He urged banks across Pakistan to prioritise support for key sectors in every province and committed to holding regular meetings with the Pakistan Banks Association every six weeks.
