Federal Finance Minister Mohammad Aurangzeb Monday said fluctuations in sugar prices are a routine practice and stressed to regulate the commodity prices.
The finance minister invited the business community for talks in Islamabad. He said that a meeting with industrialists will be held tomorrow (Monday) regarding the strike call.
Aurangzeb clarified that the powers of the FBR are unrelated to income tax, and no single officer has the authority to make arrests. A three-member committee will make such decisions.
The minister was addressing a press conference in Karachi, said Pakistan's economic trajectory and emphasizing the pivotal role of banks in national development.
Finance minister asserted that the national economy is steadily heading towards stability, a direct result of the government's prudent economic policies.
Highlighting recent positive indicators, the finance minister noted that the persistent issue of circular debt is actively being decreased.
He pointed out that the Pakistan Stock Exchange (PSX) has soared, crossing the significant 136,000 benchmark, reflecting robust investor confidence. It is pertinent to note that PSX touched 136,140.87 points on July 14, 2025, according to available data.
Aurangzeb underscored the vital contribution of Overseas Pakistanis to the country's economic stability, recognizing their remittances and investments as a crucial pillar of support.
Finance Minister revealed that Prime Minister Shehbaz Sharif is personally overseeing the transformation of the Federal Board of Revenue (FBR).
He stated that the FBR has been empowered with enhanced capabilities to counter sales tax fraud, a measure aimed at broadening the tax base and increasing revenue collection.
Furthermore, he informed the media that a simplified tax form for the salaried class has now been published and is accessible on the FBR website, designed to ease the tax filing process.
Concerns of the business community
Addressing concerns of the business community, Finance Minister Aurangzeb reiterated the government's commitment to fostering a business-friendly environment as a top priority.
He also announced that efforts are underway to increase financing for Small and Medium-sized Enterprises (SMEs), recognizing their significant contribution to the economy and employment generation. This aligns with recent government statements on aiming to boost SME financing to 17% of private sector credit by 2028.
