ISLAMABAD: The Ministry of Commerce on Sunday presented budget and tax related proposals for the trade and commerce sector to Finance Minister Ishaq Dar.
The presentation was made by the Commerce secretary during a preparatory meeting for the upcoming budget for FY2017-18. The preparatory meeting was presided over by the finance minister. The Commerce secretary presented budget and tax related proposals for the trade and commerce sector to the finance minister, based on consultations he had held with representatives of various industries and exporters.
Dar said the proposals would be accorded due consideration in the budget preparations. He said that the government is fully cognizant of the need to boost the country’s exports in order to achieve higher, sustainable and inclusive export-led GDP growth. He highlighted that the government announced the Prime Minister’s Package of Incentives for Exporters worth Rs180 billion earlier this year to this end.
The Commerce secretary informed the minister that the incentives provided under the prime minister’s package are having a positive impact, and the export figures have shown a noticeable improvement in recent months. The minister stated that Pakistan achieved 5.28 percent GDP growth during FY2016-17, which is a ten-year high, and the target for FY2017-18 is 6 percent GDP growth.
The minister also reviewed the tax and relief measures to be announced in the forthcoming budget. Dar said that improving the well-being of the general public and addressing their needs is the utmost priority of the government in the budget. He instructed officials of the Ministry of Finance and FBR to complete the budget work as early as possible.
The Finance secretary, EAD secretary, Commerce secretary, FBR chairman and senior officials of Ministry of Finance, FBR and SBP attended the meeting.
