ISLAMABAD: The Ministry of Finance and the Federal Board of Revenue (FBR), Thursday, discussed budget proposals with All Pakistan Textile Mills Association (Aptma) and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) to have the input of the textile industry and business/trade on critical issues of pending refunds, export schemes, new taxation/relief measures and legal/procedural changes in federal tax laws through the Finance Bill 2023.
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with a delegation of the Aptma headed by its Patron-in-Chief Dr Gohar Ejaz, at the Finance Division. In the evening, a delegation of the FPCCI headed by its President Irfan Ahmad Shaikh met Federal Minister for Finance and Revenue Senator Dar at the FBR Headquarters.
SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Secretary Finance, Chairman FBR, senior officers from Finance Division, and the FBR attended the meeting.
The FPCCI delegation discussed the overall economic situation of the country and gave proposals for the upcoming federal budget. They gave full support to the government in its efforts to revitalise the economy and enhance exports.
The FPCCI budget proposals were related to the industrial, trade, shipping, transportation, taxation, SME, agriculture, IT and ITeS, and monetary and fiscal policies.
The finance minister welcomed the delegation and highlighted the economic and financial outlook of the country and expressed the resolve of the government to overcome these challenges and set the economy towards growth.
He further said that as finance minister he had completed the IMF programme in the past and that this government will complete the present programme. The finance minister further informed that the present government has fulfilled all the international obligations on time and will continue to do so in the future.
The finance minister welcomed the budget proposals given by the members of the delegation and assured that government is fully cognizant of the difficulties faced by the business community and will incorporate the suggestions of the chamber in the upcoming budget.
The finance minister reiterated the importance of the business community and appreciated their efforts and contribution to the economy of Pakistan.
During the second meeting, Chairman Aptma Asif Inam, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, Punjab Minister for Energy Syed M Tanveer, Secretary Finance, Secretary Power, Secretary Petroleum, Chairman FBR, and other representatives from the Aptma and officials from the Finance Division attended the meeting.
Gohar appreciated the government for supporting the textile sector by fixing the cotton minimum price. He briefed the finance minister on the vital contribution of the textile sector in the economic growth and development of the country through revenue generation, creation of employment opportunities, and enhancement of exports of Pakistan.
He further apprised the finance minister about the issues being faced by the textile industry regarding supply chain, regulatory issues regarding imports and exports, and energy-related issues as well as supply for various plants across the Punjab province. The delegation also discussed the existing disparities among the provinces regarding energy prices and supply and sought the support of the minister in this regard.
Dar acknowledged and appreciated the contribution of the textile sector to the economic well-being of the country. He committed to providing maximum facilitation of the government to the textile sector in order to strengthen the export sector and enhance the export-led growth of Pakistan. Additionally, the finance minister also directed the concerned authorities to address these issues on a priority basis.
Copyright Business Recorder, 2023
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