ISLAMABAD: Prime Minister Shehbaz Sharif presiding over a high-level meeting on Wednesday to discuss proposals with respect to reforms in various sectors of the economy stated that instead of more taxes, broadening the tax base will increase revenue.

He said that the government instead of going after more taxes would broaden the tax base to increase revenue collection.

The meeting regarding the country’s economy was attended by ministers, Ahsan Iqbal, Mohammad Aurangzeb, Jam Kamal Khan, Ahad Khan Cheema, Attaullah Tarar, Dr Musadik Malik, and Sardar Awais Khan Leghari, as well as, State Bank Governor Jameel Ahmed, Jahanzeb Khan, FBR Chairman Malik Amjad Zubair Tiwana, and others.

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In the meeting, proposals were presented regarding reforms in various sectors of economy.

In the meeting, a comprehensive roadmap was presented by giving suggestions regarding an increase in exports, development of the power sector, increase in revenues, and industrial development.

The prime minister directed to compile and submit a report on the phased reforms of the country’s economic sectors.

The prime minister has decided to make international experts and all stakeholders a part of consultation process for the stability and development of the country’s economy.

Access to the global market for exports and all facilities to the export industry will be ensured, he said, adding that instead of more taxes, increasing the tax net will increase revenues.

He said that small, medium and large-scale industries will be developed in Pakistan. The prime minister directed to compile and submit a report on the phased reforms of the economic sectors.

A comprehensive action plan should be presented to utilise the current capacity of the power sector, he said and directed the launch of the Skill Development Program in Azad Jammu and Kashmir and Gilgit-Baltistan.

The experience of international experts will be used to benefit from the vast potential of the export sector in Pakistan, the prime minister said.

Copyright Business Recorder, 2024

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T Mar 21, 2024 08:39am
PM asking for report as if he understands economics thoroughly, he only needs summary.
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