Prime Minister’s Adviser on Finance Abdul Hafeez Shaikh said that Good economic policies ensure a strong national economy, on Friday.
As per details, the adviser was addressing a gathering of the Council of Foreign Relations in Karachi.
Chairman FBR Shabbar Zaidi was also present in the gathering.
The governments in the past failed to devise the policies for lasting economic development, the finance adviser said.
The previous government also didn’t accord attention to to enhance trade and exports, Shaikh said.
He highlighted the need of economic reforms, adding that the government is trying to minimize the period of hardship.
He said Pakistan’s major institutions have come forward to help the national economy.
Finance Adviser said that the economy of the country should not be restricted to five export sectors adding that Prime Minister Imran Khan giving special attention to the tourism sector.
Shaikh said he is big supporter of reforms in the public sector adding that the state should stay away from doing business.
He promised to announce a business policy after approval of the budget from the parliament.
Hafeez Shaikh said that all out efforts are being made to achieve the target of 5500 billion rupees in revenue collection.
Chairman Federal Board of Revenue (FBR) in his address to the gathering pointed out presence of vested interests in the agriculture sector.
He said the government has enhaced tax on thousands middlemen in agriculture sector. He said the tax on middlemen has been increased by ten-fold from existing Rs. 10,000 to 100,000 rupees.
The government will not impose tax on anyone above the bearable level, Shabbar Zaidi said.
He said, the constitution accords responsibility to the province to receive agriculture tax.