ISLAMABAD, Sep 8 (APP):Prime Minister, Muhammad Shehbaz Sharif, on Tuesday said the government, in consultation with the business community, had introduced long-pending structural reforms over the past two and a half years, describing the process as a result of sustained teamwork between the government and the private sector. The prime minister was addressing a meeting with leading industrialists, businessmen and entrepreneurs, which he attended along with the Deputy Prime Minister. …
PM says Rs800 bn recovered through enforcement alone, without new taxes, as business-backed reforms reshape economy
ISLAMABAD, Sep 8 (APP):Prime Minister, Muhammad Shehbaz Sharif, on Tuesday said the government, in consultation with the business community, had introduced long-pending structural reforms over the past two and a half years, describing the process as a result of sustained teamwork between the government and the private sector.
The prime minister was addressing a meeting with leading industrialists, businessmen and entrepreneurs, which he attended along with the Deputy Prime Minister. He welcomed the members of the business fraternity to the meeting.
Prime Minister, Shehbaz Sharif said that Rs800 billion had been recovered in a year through enforcement measures alone, without imposing any new taxes. He said cases pending in courts for the past ten years had been pursued and followed up, particularly those relating to indirect sales tax paid by consumers, adding that such improvement in enforcement had not been witnessed before in the country’s history.
The prime minister recalled that prior to the budget, multiple rounds of consultations had been held with the business community on various economic issues, in which the Finance and Commerce ministers, along with their secretaries, had also met with the stakeholders before his own interaction with them.
He said that the recommendations put forward by the business community during earlier meetings, including during difficult periods, had helped the government bring about structural changes with their support. He termed it a long journey achieved through collective effort.
He said it was for this reason that the International Monetary Fund (IMF), for the first time, extended relevant allowance, and that the IMF Managing Director, during his interaction with the prime minister, had agreed to offer a tax waiver.
The prime minister said all these measures were undertaken with consultation from the business community, describing it as a long journey accomplished through teamwork, and said the government would continue to proceed on this path with the guidance and assistance of the business community.
He said that any economic growth achieved must be export-led, stating that growth without an export orientation would be meaningless. He said it was for this reason that special tax relief had been extended to exporters in the budget.
The prime minister said the purpose of the meeting was to seek the opinion of the business community, as the country was in the first quarter of the fiscal year, on the challenges facing export enhancement and possible solutions to address them.
Speaking on the occasion, the business leaders appreciated the government’s engagement with the business community, expressing confidence that continued coordination would help boost investment and exports.
Arif Habib, renowned businessmen, said the government had incorporated several proposals of the business community in the federal budget and expressed hope for increased investment and export growth during the current year.
Amir Ibrahim, notable industrialist said the meeting focused particularly on enhancing exports, including from traditional sectors and emerging areas such as telecommunications, digital infrastructure and artificial intelligence (AI).
He said the business leaders called for greater focus on AI infrastructure, including data centres and AI factories, to strengthen Pakistan’s digital economy.
Umar Saeed, another businessman welcomed regular consultations between the government and industry, saying such interaction would help resolve business-related issues and improve the country’s exports and economy.
Shehzad Saleem, business leader said the prime minister keenly listened to all discussion and took note of everything where certain good suggestions were made by the business leaders. He said the prime minister also directed to resolve concerns of the businessmen and urged to ensure regular meetings.
Javaid Balwani, an industrialist also appreciated the establishment of FBR offices in Karachi and Lahore, describing the initiative as helpful in facilitating the business community. He said these interactions should continue as it would help improve the national economy and exports
