Federal Minister for Finance & Revenue Muhammad Aurangzeb, currently deeply engaged in shaping the Budget for the fiscal year 2024-25, has reaffirmed the government’s commitment to decision-making through mutual consultation. This approach aims to secure favorable outcomes for both the public and the business community.
Aurangzeb’s assurances were conveyed during a meeting with a delegation from the Pakistan Business Council (PBC), the country’s largest corporate advocacy platform. The delegation, led by PBC Chairman Shabbir Diwan, convened at the Finance Division on Monday to discuss crucial aspects of the upcoming budget.
According to a statement released by the Finance Division, the PBC delegation commended the government’s ongoing efforts and engaged in detailed discussions regarding the Federal Budget 2024-25 with Minister Aurangzeb. The delegation also presented specific recommendations and tax proposals for consideration by the ministry.
Acknowledging the importance of these inputs, Aurangzeb expressed gratitude to the PBC for their insights. “He assured that their recommendations are being noted and will be considered in the finalization of the budget to whatever extent possible,” the statement read.
During the meeting, Aurangzeb underscored the Federal Board of Revenue’s (FBR) continuous endeavors aimed at expanding the tax base and ensuring greater tax compliance among retailers. He emphasized that decisions concerning tax policies and budgetary allocations would be made in consultation with stakeholders to ensure balanced outcomes beneficial to both the public and the business sectors.
The meeting was also attended by Minister of State for Finance & Revenue Ali Pervez Malik and Chairman of the Federal Board of Revenue (FBR) Malik Amjed Zubair Tiwana, underscoring the collaborative effort within the government to address economic challenges through comprehensive fiscal policies.
In a letter dated June 20, 2024, the PBC had earlier raised concerns about certain aspects of the Budget 2024-25, particularly criticizing proposals affecting tax burdens on salaried individuals. The council described the proposed increase in tax revenue from the salaried class as unjust, highlighting discrepancies in the taxation of salary income on a gross basis.
Responding to these concerns, Aurangzeb, speaking in an interview with a private channel on Thursday, acknowledged the need to protect the salaried group from undue tax burdens imposed by recent fiscal measures. He assured that the government would carefully review these concerns to ensure fairness and equity in tax policies affecting different segments of society.
The reassurances from the finance minister come amid broader efforts by the government to streamline fiscal policies and enhance revenue generation while maintaining a conducive environment for business growth. The consultations with the PBC reflect a proactive approach towards integrating diverse perspectives into the budgetary process, aiming for balanced economic outcomes that support sustainable development and inclusive prosperity.
As preparations for the FY2024-25 budget enter their final stages, stakeholders across various sectors continue to engage with policymakers to shape policies that promote economic resilience and equitable growth. The collaborative dialogue between the government and business community underscores a shared commitment to navigating challenges and seizing opportunities in Pakistan’s evolving economic landscape.
In conclusion, Minister Aurangzeb’s pledge to uphold a consultative approach underscores the government’s resolve to foster an inclusive and responsive fiscal framework. By incorporating stakeholder feedback and addressing concerns raised by advocacy groups like the PBC, the government aims to craft a budget that not only meets fiscal targets but also nurtures sustainable economic growth and social welfare in the coming fiscal year.
