ISLAMABAD: Prime Minister Shehbaz Sharif has reaffirmed the government’s commitment to broadening Pakistan’s tax base, announcing plans to bring more of the informal economy into the tax net as part of the upcoming federal budget.
According to Beyond Time News, the prime minister made the remarks during a high-level meeting with leading businessmen and industrialists, where participants discussed economic growth, investment opportunities, and key budget proposals.
Government Targets Informal Economy
Addressing the business delegation, Prime Minister Shehbaz Sharif emphasized the need to document economic activity and improve tax collection without placing additional burdens on compliant taxpayers.
He said the government is preparing measures to incorporate segments of the informal economy into the tax system. The move aims to increase revenue, improve transparency, and create a more balanced taxation framework.
The prime minister also said the upcoming budget would include initiatives designed to provide relief to the public while supporting long-term economic stability.
Private Sector Key to Economic Growth
During the meeting, Shehbaz described the business community as “ambassadors of Pakistan” and thanked them for supporting the country during challenging economic conditions.
He stressed that strong cooperation between the government and the private sector remains essential for sustainable economic growth.
According to the prime minister, Pakistan’s economic strategy continues to focus on export-led growth. He noted that increasing exports remains a central pillar of the government’s broader economic agenda.
Focus on Industry, Agriculture, and IT
The prime minister outlined plans to support industries that increase domestic production, generate employment, and boost exports.
He said the government is prioritizing growth in industry, agriculture, and information technology to strengthen the economy and create new job opportunities.
Shehbaz also highlighted ongoing technical and vocational training programs aimed at equipping young people with skills needed in modern industries and emerging sectors.
Tax Reforms and Commercial Courts Underway
Officials briefed business leaders on several reforms designed to improve Pakistan’s business environment.
The delegation learned about efforts to streamline tax-related litigation through reforms in tax tribunals. Authorities said recruitment for these tribunals followed a transparent process.
Officials also shared plans to establish special commercial courts to speed up the resolution of business disputes and improve investor confidence.
Business leaders welcomed the reforms and expressed support for measures that simplify regulations and improve the ease of doing business.
Infrastructure Projects to Support Trade
The government also presented updates on major infrastructure initiatives intended to improve logistics and trade connectivity.
Officials said work is underway to upgrade the M-10 Motorway and develop a paperless freight corridor that will enhance access from Karachi’s ports to inland markets.
The delegation also received updates on the proposed M-13 Motorway project connecting Kharian and Rawalpindi. Authorities believe the project will reduce travel times between Lahore and Islamabad.
In addition, officials discussed progress on the ML-1 and ML-2 railway modernization projects, which aim to improve freight movement and transportation efficiency across the country.
National AI Strategy in Development
The government informed participants that it is preparing a National AI Transformation Plan to accelerate the adoption of artificial intelligence technologies.
Officials said the initiative will support innovation, digital transformation, and economic modernization across multiple sectors.
They also highlighted the use of video analytics in the sugar and cement industries, noting that the technology has helped improve revenue collection and monitoring processes.
Read more:Pakistan Reaffirms Support for Global Peace Through UN Missions, Says PM Shehbaz Sharif
Business Leaders Express Confidence
Members of the business community praised the government’s efforts to stabilize the economy and improve the investment climate.
Participants expressed confidence in Pakistan’s economic recovery and welcomed policies aimed at promoting digital payments and a more documented economy.
Business leaders also appreciated reductions in electricity tariffs for industries, the removal of the export development levy, and improvements in the processing of tax refunds.
The delegation presented recommendations on economic policy and the upcoming budget while assuring the government of its support for initiatives that promote growth, exports, and job creation.
Prominent Business Leaders Attend Meeting
The delegation included several leading figures from Pakistan’s corporate sector, including Arif Habib, Atif Bajwa, Muhammad Ali Tabba, Musadaq Zulqarnain, Mian Muhammad Mansha, and Ziad Bashir.
Several federal ministers also attended the meeting, including Rana Tanveer Hussain, Azam Nazeer Tarar, Musadik Malik, Ahad Khan Cheema, Ataullah Tarar, Shaza Fatima Khawaja, Ali Pervaiz Malik, and Awais Leghari.
FAQs
What did Prime Minister Shehbaz Sharif announce regarding the tax system?
He said the government plans to bring more of Pakistan’s informal economy into the tax net through measures included in the upcoming budget.
Why is the government focusing on the informal economy?
Officials believe documenting informal economic activity will improve tax collection, increase transparency, and broaden the revenue base.
What economic strategy did the prime minister highlight?
Shehbaz Sharif said export-led growth remains the foundation of Pakistan’s economic policy.
What reforms are being introduced for businesses?
The government is reforming tax tribunals, establishing commercial courts, and pursuing initiatives to improve the ease of doing business.
What major infrastructure projects were discussed?
Officials provided updates on the M-10 and M-13 motorways, the paperless freight corridor, and the ML-1 and ML-2 railway modernization projects.
#ShehbazSharif #PakistanBudget #TaxReforms #PakistanEconomy #BusinessNews #ExportGrowth #FederalBudget #Investment #EconomicRecovery #PakistanBusiness
One thought on “PM Shehbaz Vows to Expand Tax Net, Consults Business Leaders Ahead of Federal Budget”
Comments are closed.