Karachi: Following the announcement of a countrywide wheel-jam strike, Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has invited traders for dialogue, urging them to come to Islamabad for discussions.
Speaking to the media at the Overseas Investors Chamber of Commerce in Karachi, the minister said, 'We are ready to sit with traders and explain the government's position on the issues at hand.'
Muhammad Aurangzeb said the government took concrete steps to stabilise the economy and support the salaried class, investors, and businesses.
Clarifying concerns over the Federal Board of Revenue (FBR)'s powers, Muhammad Aurangzeb emphasized that the additional powers granted to the FBR have no connection with income tax, and are specifically targeted at individuals involved in sales tax fraud exceeding Rs50 million.
He noted that a key meeting with presidents of various chambers is scheduled for today (Tuesday), where the government will further clarify the rationale behind the move.
'There is propaganda being spread against FBR's enhanced authority. These powers were passed through parliament with the consultation of the standing committee and are solely aimed at curbing sales tax fraud,' he added.
The minister also shared that he met with the State Bank Governor and heads of commercial banks earlier in the day to discuss the role of banks in ensuring sustainable economic growth.
He stated that maximum relief has already been given to salaried individuals within the current fiscal space, and highlighted that Pakistan's financial outlook has improved, resulting in increased liquidity in banks.
Muhammad Aurangzeb urged banks to expand lending to the private sector, noting improvements in agriculture and SME financing as encouraging signs of economic progress.
Highlighting the positive role of the banking sector, he said banks must collaborate with investors to revive sick industrial units, and that SME financing has seen growth in recent months.
He further informed that prices of essential food items are being monitored monthly, though fluctuations are natural. 'We have curbed unnecessary government expenditures, and Pakistan's pharmaceutical industry is showing remarkable performance,' he concluded.