Finance Minister Muhammad Aurangzeb on Saturday asserted that the proposed budget for the next fiscal year (FY27) would set the foundation for \u201caccelerating the sustainable growth\u201d recorded in the past two years.<\/p>\n
He made the remarks on the floor of the National Assembly as he wound up the debate on the budget FY27, which was presented on June 12.<\/p>\n
The finance czar recalled that MNAs presented their opinions on the proposed budget during the debate, adding that reservations were also voiced in some proposals.<\/p>\n
\u201cBut, we have gotten very clear feedback from within and outside the House that this is overall a positive and pro-growth budget, which sets the foundation to accelerate the sustainable growth witnessed over the last two years,\u201d he declared.<\/p>\n
Speaking on the budget proposals, Aurangzeb stated that a \u201csustainable and inclusive export-led growth that increases productivity\u201d was the fundamental objective of the government and the budget.<\/p>\n
\u201cWe often hear and see that the documented corporate sector and salaried class have to bear most of the tax burden. The government has changed this trend and thinking in the budget, and focused on deepening and broadening rather than burdening,\u201d he contended.<\/p>\n
\u201cWe had initiated this change in the last budget and clarified our direction. In this budget, we have taken additional and concrete initiatives regarding it,\u201d the finance czar affirmed.<\/p>\n
He added that the burden of existing taxpayers \u2014 particularly the salaried class, small businesses, exporters and industrialists \u2014 would be reduced under the FY27 budget, keeping in mind the \u201cprinciples of equity and fairness\u201d.<\/p>\n
\u201cWe have ensured the provision of concessional loans for importers and the agriculture sector,\u201d Aurangzeb said, emphasising that the Fixed Asaan Tax Scheme has been introduced to broaden the tax net.<\/p>\n
Elaborating on reforms brought in the tax sector in the past two years, he said: \u201cWe have detached tax policy from tax administration. We are introducing a new tax operating model in continuation of these reforms, under which the interaction between a taxpayer and a tax officer will be removed.<\/p>\n
\u201cThe process of audit, identification and implementation will be conducted through an automatic [\u2026] system,\u201d the minister said, adding that these reforms aimed to end discretionary powers and prevent harassment through digitisation and promote transparency.<\/p>\n
Responding to remarks made by some lawmakers on the Federal Board of Revenue\u2019s (FBR) performance, Aurangzeb said that the government welcomed constructive criticism but stressed the need to consider the context.<\/p>\n
Presenting a \u201ccomparative analysis\u201d, the minister noted that an additional $14bn was collected in revenue from 1988 to 2011.<\/p>\n
\u201cSimilarly, additional revenues of $14bn were collected in the next 13 years from 2011 to 2024. Compared to this, in the brief period of the past two years, our government has secured additional revenues of $14bn,\u201d he stated.<\/p>\n
On the discussions held about the agricultural sector during the budget debate, Aurangzeb affirmed that the sector was the \u201cbackbone\u201d of Pakistan\u2019s economy and the government had announced \u201csatisfactory relief and developmental packages\u201d for farmers.<\/p>\n
He noted that the Zarkhez scheme had been initiated, under which interest-free and collateral-free loans were being provided to 750,000 small-scale farmers.<\/p>\n","protected":false},"excerpt":{"rendered":"
Finance Minister Muhammad Aurangzeb on Saturday asserted that the proposed budget for the next fiscal year (FY27) would set the foundation for \u201caccelerating the sustainable growth\u201d recorded in the past two years. He made the remarks on the floor of the National Assembly as he wound up the debate on the budget FY27, which was […]<\/p>\n","protected":false},"author":1,"featured_media":18590,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-18589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/18589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18589"}],"version-history":[{"count":1,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/18589\/revisions"}],"predecessor-version":[{"id":18591,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/18589\/revisions\/18591"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/media\/18590"}],"wp:attachment":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}