As preparations for the upcoming Federal Budget continue, concerns are being raised about the potential impact of new fiscal measures on businesses, industries, and economic activity across the country.
Former FPCCI Vice President and former Chairman of the Pakistan Ship Agents Association, Tariq Haleem, has urged policymakers to avoid decisions that could place additional pressure on the business sector and weaken investor confidence.
Tariq Haleem Calls for Business-Friendly Federal Budget
Speaking on economic challenges facing the country, Tariq Haleem stated that the upcoming Federal Budget is being prepared under strict IMF-related conditions, which may create additional difficulties for businesses and the general public.
He emphasized that policymakers should focus on protecting economic activity and ensuring that budgetary measures do not discourage investment or commercial growth.
According to him, maintaining a stable and supportive business environment is essential for sustainable economic recovery.
Review of FBR Policies Urged
Commenting on revenue collection challenges, Tariq Haleem said that recurring shortfalls in tax targets highlight the need to review the Federal Board of Revenue’s existing approach.
He argued that instead of imposing greater tax burdens on current taxpayers, authorities should prioritize expanding the tax base by bringing more sectors and individuals into the taxation system.
The former business leader noted that broadening the tax net could help improve revenue collection while reducing pressure on compliant taxpayers.
Demand for GST Reduction and Maritime Sector Support
A key recommendation put forward by Tariq Haleem was the gradual reduction of the General Sales Tax (GST) to a single-digit rate.
He stated that lower taxation could help stimulate economic activity, support businesses, and improve competitiveness across various sectors of the economy.
In addition, he called for special incentives and relief measures for ship agents and the maritime trade sector in the Federal Budget, arguing that stronger support for these industries could contribute to improved trade performance, port operations, and export growth.
Focus on Economic Self-Reliance
Tariq Haleem also stressed the importance of reducing Pakistan’s dependence on external borrowing and adopting policies that encourage economic self-reliance.
He described the slowdown in economic growth and business activity as a matter of serious concern and urged the government to implement measures that strengthen productive sectors of the economy.
According to him, policies aimed at supporting investment, expanding trade, and creating employment opportunities are essential for achieving long-term economic stability.
Business Community Seeks Growth-Oriented Policies
As discussions surrounding the Federal Budget continue, business leaders are increasingly calling for reforms that encourage growth rather than adding further financial burdens on industries and consumers.
Observers believe that budget measures supporting investment, trade, exports, and job creation will be critical in helping Pakistan address economic challenges while maintaining sustainable growth in the coming years.
