Muhammad Aurangzeb says government will listen to concerns of business community and also explain its own position
KARACHI: (UrduPoint/Pakistan Point News-July 14th, 2025) Federal Finance Minister Muhammad Aurangzeb has summoned representatives of all chambers of commerce and trade associations across Pakistan for a meeting on July 15 to discuss the nationwide strike announced for July 19.
Speaking at the Overseas Investors Chamber of Commerce and Industry (OICCI) in Karachi, the minister said the government would listen to the concerns of the business community and also explain its own position. He urged all chambers to come prepared by reviewing the relevant laws, especially regarding recent amendments related to tax enforcement.
Muhammad Aurangzeb clarified that the newly granted powers to the Federal Board of Revenue (FBR) relate specifically to sales tax fraud involving over PKR 50 million. He emphasized that arrests in such cases would require prior approval from either a commissioner or a three-member FBR board. He assured that these powers do not apply to income tax.
He also said the propaganda against FBR’s powers is misleading, and that the new measures were introduced after consultation with the National Assembly’s Standing Committee, aimed at preventing large-scale tax evasion.
Regarding the broader economic outlook, the finance minister shared that he had met with the Governor of the State Bank of Pakistan (SBP) and heads of commercial banks earlier in the day to discuss the banking sector’s role in sustainable economic growth. He noted improvements in liquidity and urged banks to extend more credit to the private sector, particularly in agriculture and SMEs.
Aurangzeb confirmed that the Privatization Commission has been handed over 24 state-owned enterprises (SOEs) for privatization, with PIA (Pakistan International Airlines) being a key focus. He called on banks to support the revival of loss-making entities by working alongside potential sponsors.
Commenting on investor confidence, he said the latest OICCI business confidence survey reflects growing stability in Pakistan’s economy. He revealed that USD 2.3 billion had been repatriated to multinational companies (MNCs) as profit payments, and added that refund issues faced by MNCs would be resolved soon.
The finance minister also reported that Rs75 billion in sales tax refunds had been disbursed this month. He emphasized that the government is working to involve the private sector in reviving loss-making state institutions and has invited investment.
In response to questions, the finance minister said that food prices are being closely monitored by the Economic Coordination Committee (ECC) on a monthly basis, and that a de-regulation strategy is essential for long-term structural reform. “That’s why commodities like maize, rice, and lentils have seen price stability,” said the minister.
He stressed the need for ideas on how to shift the current macroeconomic stabilization toward sustainable growth, adding, “Which finance minister doesn’t want rapid growth?”
He also pointed out that the pharmaceutical sector is improving and has confirmed positive feedback from key stakeholders.
Regarding commodity prices including sugar and wheat, the ECC is conducting monthly monitoring while the Ministry of Food Security and the federal cabinet are addressing the issue of smuggling.
Lastly, Aurangzeb stated that senior leadership of the Overseas Investors Chamber has been invited to Islamabad for a meeting with the Prime Minister to further discuss policy matters and economic collaboration.
