PM vows to bring macroeconomic stability in Pakistan

Islamabad: Prime Minister Shehbaz Sharif Tuesday expressed the resolve to bring macroeconomic stability and steer the country towards gradual growth.

Addressing the Tax Excellence Awards ceremony in Islamabad today, he said: “Ensuring export-led growth through collective efforts is the only way to rid the country of loans”.

He stated the government will undertake efforts to uplift productive sectors such as industries, agriculture and Information Technology.

The Prime Minister added the government is compelled to enter into a new International Monetary Fund (IMF) deal for the purpose of stability. He, however, said along with the IMF program, the government will focus on fostering growth, creating job opportunities and addressing the issue of inflation.  

Shehbaz Sharif continued to say: “The federal government, in collaboration with the provincial governments, will create enabling circumstances for the private sector and address their problems”.

The refunds to the tune of Rs65 billion have been made to the exporters, expressing the determination that in future the refunds will be made in a timely manner, said Shehbaz further that we will also go towards providing electricity to the industries on competitive rates in order to enhance their productivity.

Prime Minister further stated that the platform of Special Investment Facilitation Council (SIFC) has been established to give impetus to the investment. The second phase of China Pakistan Economic Corridor (CPEC) will be taken forward.

As regards tax reforms, the Prime Minister said the Federal Bureau of Revenue (FBR) will be totally restructured. The consultants will be hired next month for complete digitalization of the tax collection body. Referring to low tax to Gross Domestic Product (GDP) ratio, he added that they will have to enhance the tax base.

The Prime Minister stated that the leading taxpayers and exporters are the heroes of the country. He announced that the recipients of today's awards, consisting of exporters and taxpayers, will be issued blue passports.

Additionally, he mentioned that top taxpayers would be presented with an honor card. Furthermore, he declared that the top recipient of each category of today's awards are being bestowed with the status of honorary ambassadors. These announcements are aimed at encouraging the people to pay their taxes, added the premier.

In his remarks on the occasion, Finance Minister Muhammad Aurangzeb said the digitalization of the FBR is aimed at ensuring transparency and increase the revenue collection. He was confident that this would also restore the trust and confidence of the people in this institution.

In his welcome address, Chairman FBR Amjad Zubair Tiwana said an agreement has been signed recently to digitalize the tax administration and automate the processes.

The President of Federation of Pakistan Chambers of Commerce and Industry and the Chairman of Pakistan Business Council commended the government for recognizing the leading taxpayers and exporters.