Islamabad: A delegation from the Pakistan Business Council (PBC) met with Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, to discuss proposals for the upcoming fiscal policy. The meeting aimed to align economic objectives with sustainable growth and social development goals.

According to a statement by Press Information Department, the PBC delegation, led by Chairman Shabbir Diwan, included Vice Chairperson Zeelaf Munir and CEO Ehsan Malik. They presented comprehensive proposals for fiscal policy and the tax regime for FY 2025-26 and beyond. The focus was on promoting investment, job creation, export support, and resource generation.

Key proposals included balancing the external and fiscal accounts through exports, formalizing the economy, and broadening the tax base. The delegation emphasized fostering business growth and socio-economic development to boost productivity.

The PBC also recommended a fair distribution of the tax burden, competitive tax rates, and policy predictability. Simplification, unification, and digitization of the tax return process were highlighted to minimize impact on cash flow. Proposals to broaden the tax base included encouraging non-filers, incentivizing filers, enhancing transparency, and reducing benami transactions.

Finance Minister Aurangzeb appreciated the PBC’s proposals and assured engagement with the Federal Board of Revenue to consider all suggestions. He emphasized the government’s commitment to an equitable and efficient taxation system and announced plans to move the tax policy unit to the Ministry of Finance.

The Minister expressed concerns over the current tax-to-GDP ratio and set a target to increase it to 13.5 percent within three years by leveraging technology and improving tax processes. The meeting concluded with a commitment to collaborate on aligning fiscal policy with national growth objectives.