KARACHI: The Finance Minister of Pakistan, Muhammad Aurangzeb, has invited all chambers and trade associations nationwide for a negotiation meeting on July 15. This comes ahead of a planned nationwide strike announced for July 19 by the traders.
Speaking at the Overseas Investors Chamber of Commerce in Karachi, Aurangzeb said he will listen to all chambers’ concerns and explain the government’s position. He urged all trade bodies to review the current laws thoroughly before the meeting.
He clarified that the Federal Board of Revenue’s (FBR) expanded powers do not relate to income tax but target sales tax fraud. Arrests for irregularities over five crore rupees require approval from the FBR Commissioner or a three-member FBR board. The added powers aim to prevent sales tax evasion and were approved by the parliament’s standing committee after consultation.
Aurangzeb also shared updates on the banking sector, stating that liquidity has improved and banks are encouraged to increase lending to the private sector, especially in agriculture and SMEs. The privatization commission has handed over 24 state-owned enterprises for privatization, with banks expected to play a vital role, especially in the revival of struggling industries.
Additionally, he mentioned that efforts to stabilize prices of essential commodities are ongoing, with monthly monitoring by the Economic Coordination Committee (ECC). Structural reforms like deregulation are necessary for sustained improvements, especially in key sectors like sugar and wheat. He concluded by inviting top business leaders to meet with Prime Minister Shehbaz Sharif to further discuss economic stability and growth.
