FinMin bets on game-changing IT, mineral sectors, hints at tax relief for salaried class
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Finance Minister Muhammad Aurangzeb speaks during an interview with AFP at the Embassy of Pakistan in Washington, DC on April 15, 2024.— AFP
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Finance Minister Mohammed Aurangzeb said on Saturday that Pakistan was taking a look at economic promotion through its top potential sectors, being affected by Singapore’s export model, and also indicated that the salaried class was reduced to tax burden.
Aurangzeb told the business community at the Lahore Chamber of Commerce and Industry (LCCI), “IT and mineral sectors will be a game changer for Pakistan’s economy, and will soon guide efforts to provide results.”
The Finance Minister said that only Nickelon has become a major export driver with shares of $ 22 billion in exports to Singapore, saying that Copper is capable of making similar profits for Pakistan.
He added that global interest in Pakistan’s minerals and IT sectors is increasing, the government has focused on attracting both local and foreign investment and removing all obstacles for their convenience.
“We are here to serve the people. I am visiting the chambers to listen to, understand and solve the problems of the business community, and the legitimate demands of the houses will be accepted.”
Aurangzeb said, “It is very important that if we cannot pay our country’s investors in a timely manner, we cannot move forward. For economic stability, inflation is essential. The interest rate was 22 %. Today, it is 12 %.”
Finance Czar explained that industrial growth is possible only if financial support costs and electricity prices are reduced and tax policies are improved.
Under the leadership of Prime Minister Shahbaz Sharif, he mentioned that there are clear goals in the economic direction of the country, and the positive results will soon be clear.
The Finance Minister said that obstacles to the return of profit for foreign investors have been removed, which has promoted their confidence in the Pakistani market.
He expressed his commitment, “We are making sure that the benefits of inflation directly reach the common man. Middle men will not be allowed to exploit the system.”
Talking about taxing taxes, he acknowledged that the salaried class was burdened with tax, as the source was deducted into income tax, and said, “We intend to offer relief to the salaried segment.”
He revealed that 24 national institutions have been allocated for privatization, which emphasizes the need to reduce humanitarian interaction to solve systemic issues.
He observed, “If we can increase the GDP ratio by 13 percent, we can offer wider assistance to different sectors.” If the policies were not affecting the common man, it was of no use, he said, adding that edible prices were decreasing, and now the middleman could not get the benefits.
During the question and answer meeting, he said that whenever the Prime Minister went abroad, the issue of visas was discussed, and saying that it was being resolved on a priority basis.
Aurangzeb added that the government will continue to consult the private sector, which has played a key role in running any country. According to the Prime Minister’s directive, he said that a committee has been constituted which is working on GSP Plus.
LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry, SAARC Chamber Vice President Mian Anjum Nasr and members of the Executive Committee also shared their problems and suggestions with the Finance Minister. Representatives from the Federal Board of Revenue (FBR) and other houses were also present.
LCCI President Mian Abuzar Shad praised government measures for the country’s economic recovery.
Appreciating the government’s efforts to stop inflation and reducing the policy rate, Shad said that the policy rate in June 2023 is commendable to 22 % to 12 %.
“This will reduce the business access to the business. In March 2024, it will be reduced by 20.7 percent to only 0.7 percent in March 2025, we are hoping for a constant improvement.”
The President of the LCCI also praised the “Uran Pakistan” program, led by the Prime Minister, aimed at increasing growth, increasing exports to $ 60 billion, attracting $ 10 billion in annual private investment, which generates one million jobs annually, leading to renewable energy and increased poverty.
He emphasized the need for reform of tariff structures to promote industrial growth and recommended that the adoption of the custody tariff model has been recommended to ensure that the raw material has been imposed, which will encourage local production and price increase.
LCCI Senior Vice President Engineer Engineer Khalid Usman emphasized the need to revise the business limit for prevention agents, which suggested that the currency increased from Rs 100 million to Rs 2550 million in light of the light of the currency and economic conditions.
Vice President Shahid Nazir Chaudhry emphasized the importance of planning the long -term economic policy, which has suggested that the key economic strategy should be developed in a permanent 10 -year roadmap to ensure stability and sustainable growth.
