In meeting with businsess leaders, PM Shehbaz says govt taking measures to bring informal economy into tax net

Prime Minister Shehbaz Sharif on Wednesday said that the government was taking measures to bring the informal economy into the tax net in the upcoming budget, the Prime Minister’s Office (PMO) said.

The premier made the declaration during a meeting with a delegation of renowned businessmen and industrialists, where he exchanged views with them on the pace of the country’s economic growth and consulted with them over the upcoming budget.

“You are the ambassadors of Pakistan,” the premier told the delegation, expressing gratitude for the business community’s support to the government in “difficult economic conditions”.

PM Shehbaz noted that a “strong partnership” with the private sector was a “guarantee of economic growth”, and underscored the “utmost importance” of consulting with them over policymaking for the economy.

“We are on the path of export-led growth,” the premier remarked, adding that export-led growth was “core” of Pakistan’s economic policy.

He told the businessmen that the government was taking actions to bring the informal economy into the tax net, as well as measures aimed at providing relief to the public in the upcoming budget.

He noted that the government’s business-friendly policies have made the economy stable and restored foreign investor confidence. PM Shehbaz further outlined plans to promote industries that “increase domestic production, boost exports, and create maximum job opportunities”.

“Development in industry, agriculture, and information technology will further stabilise the economy and create new employment opportunities,” the prime minister was quoted as saying. He added that the government had also launched programmes for “technical and vocational training” of the youth to promote employment opportunities.

During the meeting, the delegation was “briefed on government’s measures to promote business, industry and trade,” the PMO said.

They were informed that reforms were being brought to “tax tribunals for expeditation of tax cases”. “Recruitments in these tribunals have been made through an extremely transparent process,” the delegation was told.

They were also briefed that a committee has been formed for the “establishment of special commercial courts”. The delegation was also told that work was underway on the “upgradation of M-10 Motorway and paperless freight corridor to improve inland access from Karachi’s ports”.

The business community was further informed that the construction of M-13 Motorway (Kharain-Rawalpindi) will minimise the travel distance between Lahore and Islamabad. As per the statement, the delegation was also briefed on the upgradation of ML-1 and ML-2 railway projects.

On artificial intelligence (AI), they were informed that a “National AI Transformation Plan” was being developed. During the meeting, the delegation was briefed that “the installation of video analytics in the sugar and cement sector” had improved revenue collection.

According to the handout, the business delegation lauded the prime minister and his team for their diplomatic efforts “to restore peace in the region” — an apparent reference to Pakistan’s role in mediating between the United States and Iran amid the conflict in the Middle East.

As per the statement, the leaders expressed faith in Pakistan’s economic recovery and fiscal management under PM Shehbaz’s leadership and thanked him for “setting the economy on the right path and providing the business sector a conducive environment”.

The delegation also appreciated the “vision to promote digital payments and a documented economy”. Business leaders also expressed support for measures aimed at “tax reforms and ease of business operations”.

“Business leaders expressed gratitude to the prime minister for reducing electricity tariffs for industries, abolishing the export development levy, and ensuring timely payment of tax refunds,” as per the PMO.

The move to take the business community into confidence over the upcoming budget was appreciated during the meeting, it said.

“Business leaders presented their recommendations to the prime minister on strengthening the economy and on the budget, offering “full cooperation” to the government on economic development.

“Participants in the delegation appreciated the government’s commitment to industrial development, increasing exports, and creating new employment opportunities,” PMO added.

The delegation included notable businessmen, including Arif Habib, Atif Bajwa, Muhammad Ali Tabba, Musadaq Zulqarnain, Mian Muhammad Mansha, Ziad Bashir, among others.

Federal ministers Rana Tanveer Hussain, Azam Nazeer Tarar, Musadik Malik, Ahad Khan Cheema, Ataullah Tarar, Shaza Fatima Khawaja, Ali Pervaiz Malik and Awais Laghari were also present.