ISLAMABAD, Pakistan: The Federal Cabinet on Tuesday approved budget strategy paper 2015-16 which provides guidelines for further strengthening national economy, streamlining tax system to broaden its base and ensuring provision of maximum relief to the common man.
The approval was given by the Federal Cabinet which held its meeting in Islamabad on Tuesday with Prime Minister Nawaz Sharif in the Chair to discuss state of economy and proposed targets for the next financial year.
In his address on the occasion, the prime minister said that the next budget should focus on providing maximum relief to the people so that they can also reap the fruits of stability in country’s economy.
The prime minister appreciated the fact that key economic indicators have improved during last two years.
Sharif said that efforts are underway to reduce tax rates & duties and broaden the tax base to increase revenue collection. He said that this would encourage people to willingly pay their taxes.
The cabinet meeting took note that while benefits of mega projects in the pipeline will start unfolding in next 5-10 years, immediate measures are needed to strengthen the benefits of recent stabilization measures with the help of private sector.
The prime minister directed the Ministry of Commerce to gear up efforts to increase country’s exports.
During the meeting, the Federal Minister for Finance Ishaq Dar briefed the cabinet about the performance of economy and efforts being made to strengthen economy.