In meeting with business leaders, PM Shehbaz says govt taking measures to bring informal economy into tax net

Prime Minister Shehbaz Sharif on Wednesday said that the government was taking measures to bring the informal economy into the tax net in the upcoming budget, the Prime Minister’s Office (PMO) said. The premier made the declaration during a meeting with a delegation of renowned businessmen and industrialists, where he exchanged views with them on the pace of the country’s economic growth and consulted with them over the upcoming budget. “You are the ambassadors of Pakistan,” the premier told the delegation, expressing gratitude for the business community’s support to the government in “difficult economic conditions”. PM Shehbaz noted that a “strong partnership” with the private sector was a “guarantee of economic growth”, and underscored the “utmost importance” of consulting with them over policymaking for the economy. “We are on the path of export-led growth,” the premier remarked, adding that export-led growth was “core” of Pakistan’s economic policy. He told the businessmen that the government was taking actions to bring the informal economy into the tax net, as well as measures aimed at providing relief to the public in the upcoming budget. He noted that the government’s business-friendly policies have made the economy stable and restored foreign investor confidence. PM Shehbaz further outlined plans to promote industries that “increase domestic production, boost exports, and create maximum job opportunities”. “Development in industry, agriculture, and information technology will further stabilise the economy and create new employment opportunities,” the prime minister was quoted as saying. He added that the government had also launched programmes for “technical and vocational training” of the youth to promote employment opportunities. During the meeting, the delegation was “briefed on government’s measures to promote business, industry and trade,” the PMO said. They were informed that reforms were being brought to “tax tribunals for expeditation of tax cases”.