ISLAMABAD: Fina­nce Minister Muhammad Aurangzeb on Thursday reaffirmed the government’s steadfast commitment to supporting small and medium enterprises (SMEs).

The minister acknowledged the necessity of making difficult decisions to stabilise the economy, recognising their impact on businesses and individuals.

According to a press release, the minister stated this during a visit to the Sialkot Chamber of Commerce and Industry (SCCI) for an interactive session with the business community of the city. He was accompanied by Minister for Defence Kha­waja Muhammad Asif and Minister of Commerce Jam Kamal Khan.

The finance minister emphasised the critical importance of enhancing Pakistan’s tax-to-GDP ratio from the current 10.3 per cent to an optimal 13-14pc in alignment with acceptable benchmarks.

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He also highlighted the government’s commitment to make structural reforms to ensure that the country is put on the path of sustainable economic growth avoiding any balance of payment crisis. He said that in pursuit of the same, the government had to take tough decisions to bring the country out of the woods.

He was of the view that the benefits of a robust and stable economy would be reaped by all sectors of the economy, including the commoners.

He assured the business community that the FBR would turn into a business-friendly organisation, but said that no sector would be allowed to enjoy any exemptions in terms of tax practice. He gave a patient hearing to the representations made by the SCCI president on the issue of Final Tax Regime and assured that all the proposals would be considered at length, and decisions would be taken in the best interest of SMEs and exports.

Published in Dawn, December 20th, 2024