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Budget on June 9: Expand tax base urgently, PM asks economic team

  • Chairs meeting regarding the preparation of the budget for the financial year 2023-24
Published May 24, 2023
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ISLAMABAD: Prime Minister Shehbaz Sharif has asked the economic team that concrete steps should be taken to increase the revenue by broadening the tax net.

The prime minister chaired a meeting regarding the preparation of the budget for the financial year 2023-24 and the meeting was informed that the budget for the next fiscal year will be presented on June 9, 2023, after approval from the federal cabinet.

The meeting was informed that the Pakistani economy is moving towards financial stability and the financial deficit is continuously decreasing.

The prime minister was briefed on the budget preparations by the economic team. Additionally, a briefing was also given on the revised and next year’s projections of revenue.

FY24 Budget: Rs9.2trn tax collection target expected

The prime minister said that the government is making all possible efforts to reduce the economic difficulties of the common man and directed that all resources should be used to reduce the financial difficulties of the middle and poor classes.

He expressed satisfaction that due to the timely strategy of the government, the prices of urea fertiliser are continuously decreasing, which will not only make the farmers happy, but the country will also move towards self-sufficiency in agricultural products.

The prime minister also expressed happiness over the fact that due to the better economic policies of the government, a current account surplus was achieved in the last two months after many years.

Apart from this, he directed to finalise pension reforms as soon as possible and said that a pension fund should be established by adopting a creative method so as to reduce the burden on the national treasury and make the best welfare of the pensioners possible.

The meeting was attended by Federal Minister for Finance and Revenue Ishaq Dar, Federal Minister for Defense Khawaja Asif, Federal Minister for Interior Rana Sanaullah, Federal Minister for Planning Ahsan Iqbal, Adviser to the Prime Minister Ahad Cheema, Minister of State for Petroleum Mussadik Malik, Special Assistants to the Prime Minister Dr Jahan Zeb Khan were present in the meeting.

Malik Ahmad Khan, Tariq Pasha, Tariq Bajwa, Attaullah Tarar, Member of National Assembly Qaisar Ahmed Sheikh, chairman Federal Board of Revenue and relevant senior government officials also participated.

Copyright Business Recorder, 2023


Comments are closed.

Tulukan Mairandi May 24, 2023 08:30am
Can start by London Brother paying some of his dues
thumb_up Recommended (0)
WarrenDesiBuffet May 24, 2023 09:16am
Do NOT go after existing tax payers! If you want to save this sinking ship then just 1) tax agricultural income as well as aarthis 2) finish property capital gains concessions and tax and normal salaried rate 3) end stupid concept of non filer by making non filer tax rates 10 times that of filer rates. But no, you will just tax those in net more.
thumb_up Recommended (0)
Faiz May 24, 2023 10:02am
@WarrenDesiBuffet, well said.
thumb_up Recommended (0)
Mia Dad May 24, 2023 10:05am
The wind with you. People of Pakistan can not do any thing .
thumb_up Recommended (0)
Agaria May 24, 2023 11:23am
Expand tax net with, 1) honest tax collectors ,2) with tax announcements also offer incentives and facilities for honest tax payers. 3) must stop all all tax exemptions .
thumb_up Recommended (0)
Jani Walker May 24, 2023 12:26pm
Fire Dar. Only the Dollar is expanding fast not the economy.
thumb_up Recommended (0)
Cold Method May 24, 2023 01:08pm
WHT, VAT, sales, income, property. Charge every penny an exuberant tax and what does an average man gets out of it? Nothing, nada! It either goes to China, IMF or some crook higher up the food chain.
thumb_up Recommended (0)
Maqbool May 24, 2023 02:48pm
To expand the tax net, include all Real Estate transactions, with no exception to the Rules. Redefine the FBR definition of individual for tax from salary and AOP and others to salaried, it should cover all ;1). Salaried, pensioners, retirees over 65 yrs (2) AOP,professionals, single entity owner or proprietorships in : real estate dealers, shop keepers , travel agents , hair dressers, designers, event managers, tax advisors, lawyers, doctors etc.
thumb_up Recommended (0)
Truthisbitter813 May 25, 2023 12:57pm
Two words: Land reforms!
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