Aurangzeb assures ‘favourable outcomes’ for public, business in final budget

Federal Minister for Finance & Revenue Muhammad Aurangzeb, who is currently involved in finalisation of the Budget for FY2024-25, assured that the government would make decisions based on mutual consultation to ensure favourable outcomes for both the public and the business community.

The remarks came during Aurangzeb’s meeting with a delegation of Pakistan Business Council (PBC), the country’s largest corporate advocacy platform.

As per a statement released by the Finance Division, a delegation of PBC, led by its Chairman Shabbir Diwan, called on the Federal Minister for Finance at the Finance Division today (Monday).

The delegation from the PBC appreciated the ongoing efforts of the government and discussed the Federal Budget 2024-25 with Aurangzeb, read the statement. The delegation also presented specific suggestions and tax proposals for consideration, it added.

As per the statement, Aurangzeb acknowledged and thanked the PBC for their insights.

“He assured that their recommendations are being noted and will be considered in the finalisation of the budget to whatever extent possible.”

The minister also highlighted the Federal Board of Revenue’s (FBR) ongoing efforts aimed at broadening the tax base and bringing retailers into the tax net.

“He assured that decisions would be made through mutual consultation to ensure favourable outcomes for both the public and the business community,” read the statement.

Minister of State for Finance & Revenue Ali Pervez Malik and Chairman of the Federal Board of Revenue (FBR) Malik Amjed Zubair Tiwana also attended the meeting.

Last week, the PBC, in its letter dated June 20, 2024, urged the authorities to rectify a number of its budgetary proposals in the recently announced Budget 2024-25.

The PBC said that the proposal to increase tax revenue from the salaried class “is unjust”.

“Further increasing the tax rate while realizing the fact that salary income is taxed on a gross basis, is an anomaly and needs to be rectified,” it said.

Meanwhile, the finance minister, while talking to a private channel on Thursday, said that the government will look at how the salaried group can be protected after new measures increased its tax burden in the recently announced Budget 2024-25.