Finance Minister, Senator Mohammad Ishaq Dar, chaired a preparatory meeting for the upcoming budget for FY 2017-18 at the Ministry of Finance on Sunday. Secretary Commerce presented budget and tax related proposals for the trade and commerce sector to the Finance Minister, based on consultations he had held with representatives of various industries and exporters.
The Finance Minister said the proposals would be accorded due consideration in the budget preparations. He said that the government is fully cognizant of the need to boost the country’s exports in order to achieve higher, sustainable and inclusive export-led GDP growth. He highlighted that the government announced the Prime Minister’s Package of Incentives for Exporters worth Rs. 180 billion earlier this year to this end. Secretary Commerce informed the Finance Minister that the incentives provided under the Prime Minister’s package are having a positive impact, and the export figures have shown a noticeable improvement in recent months as a result. The Finance Minister stated that Pakistan achieved 5.28% GDP growth during FY 2016-17, which is a ten-year high, and the target for FY 2017-18 is 6% GDP growth.
The Finance Minister also reviewed the tax and relief measures to be announced in the forthcoming budget. The Finance Minister said that, as always, improving the well-being of the general public and addressing their needs is the utmost priority of the government in the budget. He instructed officials of the Ministry of Finance and FBR to complete the budget work as early as possible, according to the prescribed timelines.
Finance Secretary, Secretary EAD, Secretary Commerce, Chairman FBR, and senior officials of Ministry of Finance, FBR and SBP attended the meeting.
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