ISLAMABAD(National Times)- Prime Minister Shehbaz Sharif on Wednesday termed the federal budget for fiscal year 2026-27 \u201cpeople-friendly\u201d and hoped that it would promote an \u201cexport-oriented\u201d economy.<\/p>\n\n\n\n
He made the remarks in a meeting with women parliamentarians from the PML-N, where he thanked them for their participation in the ongoing budget debate.<\/p>\n\n\n\n
He expressed hope that people will be able to benefit from the \u201crelief-oriented\u201d budget after the restoration of peace in the region, according to a press statement issued by the Prime Minister\u2019s Office (PMO).<\/p>\n\n\n\n
According to the statement, PM Shehbaz noted that the budget had introduced \u201cmeasures to empower women in the country as well as increase their inclusion in the mainstream,\u201d terming it a \u201ctop priority\u201d for the government.<\/p>\n\n\n\n
He also spoke of Pakistan\u2019s peace efforts in the US-Iran war<\/a>, expressing gratitude to countries who supported Pakistan throughout the peace process.<\/p>\n\n\n\n PM Shehbaz commended the efforts of the Chief of Defence Forces and Chief of Army Staff, Field Marshal Asim Munir, Deputy Prime Minister and Foreign Minister Ishaq Dar and Interior Minister Mohsin Naqvi for their role in the peace process.<\/p>\n\n\n\n \u201cOnly with the establishment of lasting peace in the region, the dream of economic prosperity for Pakistan and other countries can be fulfilled,\u201d he told the meeting.<\/p>\n\n\n\n At this, he recalled the government\u2019s efforts to shield the public from a \u201cwave of global inflation\u201d that emerged in the wake of the US-Iran crisis.<\/p>\n\n\n\n \u201cWith the cooperation of federal and provincial governments, a historic package was given to the economically weaker sections of the society,\u201d he remarked, recalling a Rs128bn subsidy and austerity drive launched<\/a> in March.<\/p>\n\n\n\n \u201cIn the current situation, the federation and the provinces have fully cooperated to keep the country\u2019s economy stable, for which the provincial governments are deeply grateful,\u201d he stressed.<\/p>\n\n\n\n He outlined that for the next year\u2019s budget, the government will focus on \u201cnational interests, especially increasing water resources, IT, agriculture and minerals, to provide a strong foundation for the Pakistani economy\u201d.<\/p>\n\n\n\n The prime minister expressed hope that the collective struggle of \u201cteam Pakistan\u201d will place the country among the \u201cdeveloped world\u201d.<\/p>\n\n\n\n During the meeting, the women parliamentarians lauded PM Shehbaz for his role in the US-Iran negotiation process as well as the government\u2019s measures for women\u2019s development in the federal budget.<\/p>\n\n\n\n \u201cThe MPs presented the prime minister with suggestions regarding ongoing projects and budgets related to public welfare in the relevant constituencies,\u201d the statement read.<\/p>\n\n\n\n The meeting was attended by members of parliament including Syeda Nosheen Iftikhar, Begum Tehmina Daultana, Shaista Khan, Tahira Aurangzeb, Shaista Pervaiz, Muneeba Iqbal, among others.<\/p>\n\n\n\n The meeting was also attended by Defence Minister Khawaja Muhammad Asif, IT Minister Shaza Fatima Khawaja, Parliamentary Affairs Minister Dr Tariq Fazal Chaudhry and other relevant officials, the statement said.<\/p>\n\n\n\n In the budget for the upcoming fiscal year, the government has announced a three-year freeze on provincial transfers as the government reallocated resources for security needs and relief measures for the salaried, corporate, real estate and export sectors to revive struggling economic activity.<\/p>\n\n\n\n It has also proposed taxes on social media earnings, a fixed tax scheme<\/u><\/a> for small traders and shopkeepers, a higher minimum tax rate for wholesalers and retailers, incentives for small electric vehicles and bikes, and barriers for luxury e-vehicles.<\/p>\n\n\n\n During the budget presentation, Finance Minister Muhammad Aurangzeb said the budget had been prepared with a clear strategy aimed at increasing productivity and promoting exports.<\/p>\n\n\n\n Earlier in the day, Information Minister Attaullah Tarar termed the federal budget for the upcoming fiscal year \u201cpositive and relief-oriented\u201d while addressing a press briefing alongside State Minister for Finance Bilal Azhar Kayani.<\/p>\n\n\n\n At the outset, the information minister said that certain segments were criticising for the sake of criticising.<\/p>\n\n\n\n \u201cWhen Pakistan was on the brink of default \u2026 our macroeconomic indicators were at their lowest,\u201d he said. He alleged that some government officials \u201cwent on holiday\u201d, saying that they did not want the country to default during their tenure.<\/p>\n\n\n\n He recalled that at the time, no one was ready to work on the economy.<\/p>\n\n\n\n \u201cIn such a time, it was the PML-N leadership that stepped in and stabilised the economy as per the vision of Nawaz Sharif,\u201d he said. He recalled that when PM Shehbaz took charge of the government, several difficulties came up at the time as well.<\/p>\n\n\n\n He said that in the last two years, PM Shehbaz had always reassured the public that the government would provide relief whenever there was room for it.<\/p>\n\n\n\n \u201cWe did not just wait for room; we created it through consistent effort and as per a home-grown plan,\u201d he remarked.<\/p>\n\n\n\n At this, he said that the Federal Board of Revenue (FBR) had two to three major problems \u2014 digitisation was stalled, officials were corrupt and posted through personal recommendations, and there was no coordinated tax collection system.<\/p>\n\n\n\n \u201cPM Shehbaz\u2019s vision was that he refused to place the burden of those who don\u2019t pay tax onto those who do, and acting on it, he directed that FBR officials would be hired on a merit basis,\u201d the information minister said.<\/p>\n\n\n\n \u201cFrom income tax offices to ports, we now have a faceless system [..] any exporter whose shipments are pending clearance at the port would not have to interact with a customs official, but clearance is issued through a system and that too within days,\u201d he said.<\/p>\n\n\n\n He said there was no room for \u201cdemands or delays\u201d in such a system. Similarly, industries such as sugar, beverages, cement, and tobacco were \u201cearning windfall profits but not paying taxes\u201d, the minister said.<\/p>\n\n\n\n He said that PM Shehbaz first initiated tax collection from sugar mills.<\/p>\n\n\n\n \u201cCameras were installed inside sugar mills, and an IT system was installed to monitor production and sales, with every bag traceable through a QR code,\u201d he said.<\/p>\n\n\n\n He added that for mills projecting lower production, an IT system took stock of their production. \u201cRs60 billion was collected in taxes from sugar mills alone,\u201d he said.<\/p>\n\n\n\n In the tobacco industry, he said, there was a Rs200bn leak. He added that the illegal tobacco trade was halted and raids were conducted. Tarar said similar actions were being taken with regard to the beverage and cement industries.<\/p>\n\n\n\n He continued: \u201cIn relation to tax collection and dispute litigation, new tribunals have been established, and a new chairman has been appointed, which made possible the recovery of several billion rupees, stay orders were vacated, and the law ministry and attorney general were directed to ensure 100 per cent recovery.\u201d<\/p>\n\n\n\n He said that in the past year, at least Rs800bn were received through enforcement. He noted that the development was independent of Pakistan\u2019s International Monetary Fund programme and the result of PM Shehbaz\u2019s \u201cpersonal efforts\u201d.<\/p>\n\n\n\n \u201cIt was understood that tax collection should be improved, those who are liable to pay tax should pay it and reforms should be implemented accordingly,\u201d he said.<\/p>\n\n\n\n He said that the FBR has been completely reformed, especially in terms of enforcement capacity, IT systems, merit and transparency.<\/p>\n\n\n\n Clarity has been given to the salaried class as well, Tarar said.<\/p>\n\n\n\n \u201cFor those within the bracket of Rs50,000 to Rs100,000, there will be 1pc tax. For the slabs above that, it was demanded that the tax be reduced and we complied with it,\u201d the information minister said.<\/p>\n\n\n\n \u201cThose who wish to buy houses of five to ten marlas<\/em>, the tax has been reduced for them as well,\u201d Tarar said, adding that for the \u201cApna Ghar<\/em>\u201d scheme, the government had disbursed Rs90bn.<\/p>\n\n\n\n For exporters, he said that the previously applicable \u201cadvance tax\u201d has been abolished, as well as the super tax.<\/p>\n\n\n\n \u201cSo, the salaried class, industry, exporters, everyone has been given relief in this budget, which is why even our opposition is praising it,\u201d he remarked.<\/p>\n\n\n\n He said it was a \u201cpositive budget and relief-oriented\u201d, stressing that the country has been put on a path to \u201cdevelopment and harmony\u201d.<\/p>\n\n\n\n The information minister commended the finance minister, PM Shehbaz, CDF Munir and their respective teams.<\/p>\n\n\n\n Kayani also echoed Tarar\u2019s views, stating that the budget provided relief to the salaried class as well as the industrial sector, exporters, construction and other industries.<\/p>\n\n\n\n He noted that the so-called \u2018pink tax\u2019 had also been abolished.<\/p>\n\n\n\n \u201cIt is also a budget for those who want to build their own homes but lack sufficient resources,\u201d Kayani said, adding that the budget was aimed at relief for the youth as well.<\/p>\n\n\n\n \u201cFundamentally, it is a budget which aims to provide relief and broaden the tax net,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":" ISLAMABAD(National Times)- Prime Minister Shehbaz Sharif on Wednesday termed the federal budget for fiscal year 2026-27 \u201cpeople-friendly\u201d and hoped that it would promote an \u201cexport-oriented\u201d economy. He made the remarks in a meeting with women parliamentarians from the PML-N, where he thanked them for their participation in the ongoing budget debate. He expressed hope that […]<\/p>\n","protected":false},"author":2,"featured_media":127783,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-127782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest_news","entry"],"yoast_head":"\n<\/a>Info minister terms budget \u2018positive and relief-oriented\u2019<\/h1>\n\n\n\n