Federal Finance Minister Muhammad Aurangzeb has said that the government cannot afford to put more financial burden on the salaried class, and coordinated steps are being taken to stabilize the economy by expanding the tax net in the current financial year.

Addressing a function organized at the Rawalpindi Chamber of Commerce to mark Independence Day and the Right Struggle, the Finance Minister clarified that national security and economic stability are linked to each other, and all stakeholders will have to move forward together to strengthen both.

Key points:
Relief announced for salaried class
Muhammad Aurangzeb said:

“We cannot put more burden on the salaried class. Now our full focus is on those sectors that are still outside the tax net.”

Positive trend in economic indicators
Stability in the value of the rupee
Reduction in interest rates
New record of investment in the stock market
All these elements are being considered as signs of the success of the government’s economic policy.

Progress in privatization and government reforms
Privatization of several government institutions expected in the current fiscal year

Right sizing in 45 ministries

Work on reforms in the pension system underway

Tax reforms and transformation of FBR
The Finance Minister said that the reorganization of the FBR is being done under the direct supervision of the Prime Minister.
Serious steps are being taken to stop tax evasion, bring non-filers into the net, and remove the shortcomings of the current system.

Record credit provision in the agricultural sector
Agricultural loans exceed Rs 2.5 trillion

Repayment of Rs 1 trillion last year

41% increase in loans recognized as a major challenge

Restoration of international confidence
Tariff agreement with the US

Investment of $ 1 billion from the Middle East

Government policies appreciated by international financial institutions

Determination to make the private sector the leader of the economy
The Finance Minister said:

“We want an economy whose effects are sustainable, and in which the private sector leads.”

He further said that on the instructions of the Prime Minister, constant contacts are being made with the chambers of commerce across the country so that the business community can be continuously involved in policymaking.