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Tax Collections Surpass Targets; Notable Growth in Large-Scale, Power Sectors, Announces Finance Minister

Karachi, For the first time in over a year, Pakistan has seen its tax collections exceed set targets and recorded growth in both the large-scale and power sectors. These developments were presented by Finance Minister Dr. Shamshad Akhtar during her speech to the industrial community at the Korangi Association of Trade and Industry (KATI).

According to Korangi Association of Trade and Industry (KATI), an International Monetary Fund (IMF) delegation is slated to visit Pakistan on November 2nd, reinforcing the ongoing commitment to the IMF program. The nation has been actively executing initiatives to bolster its economic stability, and with the anticipated receipt of the IMF tranche, further international financial inflows are expected.

KATI's President, Faraz-ur-Rehman, accentuated the necessity for the government to offer relief to the cottage industry and uphold equal rights. The Finance Minister elaborated on the improving current account, resulting from the government's strategic actions. She clarified the autonomous role of the State Bank in setting interest rates, separate from the Ministry of Finance's jurisdiction. Acknowledging the concerns of the industrial sector, Minister Akhtar expressed her dedication to address these issues comprehensively.

Further, Dr. Akhtar revealed an impending economic recovery plan, as directed by the Prime Minister. This strategy envisions activating the Export-Import Bank to spur growth primarily driven by the private sector, recognizing the critical role of small-scale industries in this recovery.

Highlighting positive economic signals, Dr. Akhtar indicated growth in the large-scale and power sectors, notably in cement and tractor manufacturing. Moreover, the Pakistani Rupee has strengthened against the US Dollar in interbank transactions. Law enforcement's crackdown on smuggling and illicit gambling has furthered economic stabilization.

Under the Federal Board of Revenue (FBR), tax collection figures surpassed the IMF's first-quarter targets. Concurrently, the government is ushering in reforms across public sector institutions and aligning with programs from global financial entities like the World Bank. Initiatives to rejuvenate the stock exchange to attract capital market investments are also underway.

Faraz-ur-Rehman, KATI's President, commended the interim government's adept management during these turbulent times, especially its rigorous stance against illegal gambling and smuggling. FBR Chairman Amjad Tiwana spotlighted ongoing reforms within the Board, including collaborative anti-defaulting measures alongside organizations like NADRA.

Securities and Exchange Commission of Pakistan's Commissioner, Abdul Rahman Waraich, emphasized understanding the stagnation of small companies and the factors preventing listings on the stock exchange. Tariq Malik, the Standing Committee Chairman, acknowledged Korangi's substantial revenue contributions. Notable speakers, including Zahid Saeed, CEO of KITE Limited, and ex-president Masood Naqi, also graced the occasion with their insights.

The post Tax Collections Surpass Targets; Notable Growth in Large-Scale, Power Sectors, Announces Finance Minister appeared first on Pakistan Business News.

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