PM called for the final schedule of privatization of PIA The Ministry of Privatization should present the schedule in the next two days after taking necessary steps

Prime Minister Shehbaz Sharif called for the final schedule of privatization of PIA

The Ministry of Privatization should present the schedule in the next two days after taking necessary steps

Not another moment to waste. Prime Minister’s Warning


Prime Minister Shahbaz Sharif has asked for the final schedule for the implementation of the privatization of the national airline PIA. The Ministry of Privatization should present the schedule in the next two days after taking necessary steps. The Prime Minister strictly instructed that any laziness and carelessness will not be tolerated in this process. Transparency should be ensured in all stages. A high-level meeting was held under the chairmanship of Prime Minister Shehbaz Sharif regarding the privatization of PIA and the restructuring of the Federal Board of Revenue. In the meeting, automation of FBR, ensuring transparency in the system, structural reforms according to global standards, increase in tax through incentives, elimination of corruption and smuggling, separation of inland revenue and customs departments and tax rates were discussed in the meeting. A detailed review of the suggestions made on the shortage was done. Prime Minister Shehbaz Sharif while giving in-principle approval of the proposed roadmap of FBR automation system directed that now this roadmap should be implemented with a clear time frame. The targets should not only be realistic but also the fastest in the region in terms of speed of implementation. We have to work round the clock to achieve this goal. We don’t have another moment to waste. This is the question of Pakistan’s bright future and economic recovery. The Prime Minister directed the Ministry of Law to immediately make recommendations for the resolution of pending cases and legal disputes in the courts related to tax collections and revenue so that the obstacles in the way of disbursement of 1.7 trillion rupees to the national exchequer can be resolved. The Prime Minister also directed the Ministry of Law to submit proposals regarding the establishment of legal department in FBR, making the drafting in accordance with the law and hiring the services of lawyers. The Prime Minister said that as a result of the implementation of reforms, 6 to 7 Percentage national growth rate can be achieved. We must invest in modernizing our revenue and taxation systems. Want to introduce an incentive based tax system. There is every desire to reduce the tax burden, but the business community also has to play its role in the development and social service of the people. The Prime Minister said that we have to ensure an effective third party audit system in which our system has failed so far. He emphasized that there are coined systems in the world which we can improve by adopting them. The Prime Minister said that exemptions given on all taxes should be fully checked. If SMEs had been developed, today Pakistan would not be behind the developed countries of the world. Small and medium scale industries could not be encouraged in forty years. Now this sector has to be promoted. Former Caretaker Finance Minister Dr. Shamshad Akhtar gave a comprehensive briefing on FBR’s restructuring, automation, various aspects of deficiencies in revenue collection and future action plan. Dr. Shamshad Akhtar told the meeting that Tax to GDP in Pakistan is less than 9.5% compared to the rest of the world, which is very important for the development of Pakistan. 55.6 percent do not pay any tax while only 3.3 percent pay tax. 2 lakh people pay 90% tax. He said that 1.7 trillion rupees of Pakistan is stuck due to legal process. He also highlighted the proposals for the establishment of a Federal Policy Board, restructuring of the Customs Department on the pattern of other countries in the world and reforms in the legal and regulatory framework. The Federal Policy Board will formulate long-term tax policy to ensure policy continuity. At the beginning of the meeting, the Prime Minister welcomed Dr. Shamshad Akhtar and said that he personally thanked him for his efforts today. The Prime Minister said that it is a fact that Senator Ishaq Dar had built a solid foundation with the IMF. Due to which progress was made possible later in this matter. The Prime Minister paid tribute to Dr. Shamshad Akhtar, describing his presentation as comprehensive. Senator Ishaq Dar, Khawaja Muhammad Asif, Attaullah Tarar, Rana Mashhood Ahmed Khan, Mossadegh Malik, Ahad Cheema, Shaza Fatima Khawaja, Rumina Khurshid Alam, Ali Parvez Malik, besides Deputy Chairman Planning Commission Dr. Jahanzeb, Governor State Bank, Chairman F.B. R, Secretary Privatization and other senior officials attended. Eminent banker Muhammad Aurangzeb participated in the meeting through video link.