ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb assured that the upcoming budget for the fiscal year 2024-25 will be developed through collaborative efforts to ensure beneficial results for both the general public and the business sector. His commitment came during a meeting with the Pakistan Business Council (PBC), the country’s leading corporate advocacy group, on Monday.
According to a statement from the Finance Division, PBC Chairman Shabbir Diwan led a delegation that met with Minister Aurangzeb. The PBC delegation expressed appreciation for the government’s ongoing efforts and discussed various aspects of the Federal Budget for 2024-25. They also presented specific suggestions and tax proposals for consideration.
Aurangzeb expressed gratitude for the PBC’s input and assured that their recommendations are being taken into account and will be considered as much as possible in the final budget. The Finance Minister emphasized the importance of mutual consultation in making decisions to ensure that both public and business interests are aligned and favorable outcomes are achieved.
He also highlighted the Federal Board of Revenue’s (FBR) initiatives to expand the tax base and incorporate more retailers into the tax system. Minister of State for Finance and Revenue Ali Pervez Malik and FBR Chairman Malik Amjed Zubair Tiwana were present at the meeting.
Last week, the PBC, in a letter dated June 20, 2024, urged the authorities to address several budgetary proposals included in the recently announced Budget for 2024-25. The PBC criticized the proposal to increase tax revenue from the salaried class, labeling it as “unjust,” and called for a rectification of this issue.
Aurangzeb, in an interview with a private news channel on Thursday, acknowledged the concerns of the salaried class regarding the new tax measures. He assured that the government is considering ways to mitigate the tax burden on salaried individuals following the recent budget announcements.
