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Wednesday, June 19, 2024

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PBF’s Budget Proposals to Revive Pakistan’s Economy

According to Khawaja Mahboob-ur-Rehman, the central president of the Pakistan Business Forum (PBF). There has been a submission of budget proposals by PBF to the Ministry of Finance. So as to bring out this growth-oriented private sector. This move is deemed necessary for the Pakistani economy’s revival and also sustainable development. In their recommendations, several areas were pinpointed by PBF. Which require immediate attention as well as a strategic investment for them to become more business-friendly.

One priority area suggested by PBF is reducing the cost of doing business in Pakistan. Both local and foreign investors have always been discouraged from investing due to high operational costs that act as barriers. By decreasing these expenses, the government will attract investments, stimulate economic activities, and create jobs. This measure is particularly important for small-medium enterprises(SMEs), which form the backbone of our economy and are thus important for its diversification or resilience, too.

On top of cutting down on business costs, PBF also emphasized boosting the agricultural sector. In Pakistan, the economy mainly depends on agriculture. This sector offers jobs to most of the population and also contributes much to GDP. It is possible to enhance productivity without compromising food security by adopting modern farming methods. Investing in finance supply chains and improving infrastructure, among others. Again, such enhancements would also serve to increase the export potentiality of ago products. Hence helping to balance the trade deficit through exports.

Another thing that PBF highly emphasized is promoting growth through exports. The country needs an enhanced export capacity if it wants to improve its balance of trade. Therefore strengthening the national economy. Proposals made are aimed at simplifying procedures used during exports. Provision incentives for those involved with exporting goods or services. As well as improving logistic services that support international trade among nations all over the world. They want things done in such a way that businesses find it easier. When selling their products abroad, they will eventually see more foreign exchange coming into Pakistan, too.

While addressing media persons, KMR brought attention to light under-invoicing by commercial importers. This act distorts market prices and also leads to huge revenue loss on the part of the government. PBF has suggested taking strict measures against this vice, such as putting tougher enforcement regulations in place and enhancing collaboration between relevant authorities. By so doing, more money shall find its way into the national kitty as taxes, leading to the creation of a level playing field among enterprises.

Furthermore, the Pakistan Business Forum (PBF) has requested that the super tax system undergo a thorough review. They argue that the current taxation regime favors certain businesses more than others, especially those operating under difficult conditions. Reformulating the super tax structure could provide much-needed relief to companies, hence encouraging them to plow back profits for growth and expansion purposes as well.

In addition to the above points raised by Khawaja Mahboob-ur-Rehman, PBF proposed implementing the mechanization of modern technology across different sectors. For instance, they recommend providing large incentives through the federal budget, among other things. We will do this to encourage firms to invest in new technologies, which we expect to improve their efficiency levels and make them competitive with other players in the industry.

Among various recommendations made, minimum tax for all limited companies need not exist anymore, according to PBF, since these organizations face many regulations already subjected to regular audits, thus killing their financial muscles, too. Abutting minimums can help grow our industries altogether.

The Pakistan Business Forum has suggested many things to create a better business climate in Pakistan. They want to reduce the cost of doing business and increase private sector-led growth, promote exports, and boost the agricultural sector. Among other things. They also want to address under-invoicing, revise the super tax system, and encourage technological adoption, believing this would lead to significant economic progress and stability in Pakistan.

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