IBA Karachi hosts pre-budget seminar
Given the targets set, Former Finance Minister Dr Miftah Ismail highlighted the challenge the government may face in meeting the revenue targets in the upcoming fiscal year. He emphasised that Pakistan already has higher tax rates than its regional counterparts.
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Business Recorder
2 days ago
- Business Recorder
Miftah says Pakistan's current system hinders progress, calls for reforms
KARACHI: Former federal finance minister Dr Miftah Ismail called for bold reforms to benefit people and businesses, warning that Pakistan's current system is holding back progress. He highlighted high inflation, rising unemployment, heavy taxation, and costly energy as major obstacles to growth and public welfare, urging immediate action to restore stability and competitiveness. Dr. Ismail was the Chief Guest and Keynote Speaker at the Institute of Cost and Management Accountants of Pakistan (ICMA) Thought Leadership Lecture Series, held at the ICMA Head Office in Karachi. The session also featured the launch of 'Pakistan's Cement Sector: Growth, Performance and Company-to-Company Analysis 2018–2024', authored by Muhammad Bashir Khan, FCMA, who also presented a brief overview of the book. In his address, Dr. Ismail outlined Pakistan's economic challenges. He noted that per capita GDP lags behind regional peers, fiscal deficits are widening, and public welfare is eroding. He stressed that while the effective tax rate approaches 40%, Pakistan lacks comparable welfare services. Energy costs further disadvantage domestic industry, as electricity production is nearly 20% cheaper in Bangladesh. He also highlighted weaknesses in law and order, pointing out that bureaucratic delays and costs in filing FIRs erode trust in the justice system. The education crisis, he said, is Pakistan's most alarming challenge: nearly 40% of children aged 5–16—about 400,000 in Punjab and 1.7 million in Sindh—are out of school, while literacy rates in KP are declining. He warned that while other countries prepare students for STEM and AI-driven education, Pakistan struggles to provide even basic literacy and numeracy. Inadequate healthcare infrastructure further undermines productivity and long-term growth. Calling for reforms, Miftah emphasized a comprehensive overhaul of Pakistan's current system. He suggested revising the NFC Award, strengthening local governance, considering new provinces, eliminating distortionary taxes such as the Workers' Welfare Fund, rationalizing energy tariffs, encouraging selective privatization, expanding property taxation, and mobilizing domestic resources. He also stressed investment in public transport, renewable energy, and underutilized sectors such as the aqua economy, while prioritizing education and skills development. Copyright Business Recorder, 2025
Express Tribune
2 days ago
- Express Tribune
Miftah urges reforms to benefit people
Former federal finance minister Dr Miftah Ismail has called for undertaking bold reforms to benefit people and businesses and warned that Pakistan's current system is holding back progress. He highlighted high inflation, rising unemployment, heavy taxation and costly energy as major obstacles to growth and public welfare, urging immediate action to restore stability and competitiveness. He was speaking at the Institute of Cost and Management Accountants of Pakistan (ICMA) Thought Leadership Lecture Series. The session also featured the launch of a report titled "Pakistan's Cement Sector: Growth, Performance and Company-to-Company Analysis 2018-2024". Outlining Pakistan's economic challenges, Miftah Ismail noted that per capita GDP lags behind regional peers, fiscal deficit is widening and public welfare is eroding. He stressed that while the effective tax rate approaches 40%, Pakistan lacks comparable welfare services. Energy costs further disadvantage the domestic industry as electricity production is nearly 20% cheaper in Bangladesh. He also highlighted weaknesses in law and order and pointed out that bureaucratic delays and costs of filing FIRs erode trust in the justice system. The education crisis, he said, is Pakistan's most alarming challenge as nearly 40% of children aged 5-16 – about 400,000 in Punjab and 1.7 million in Sindh – are out of school, while literacy rates in K-P are declining.
Business Recorder
11-08-2025
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Govt's decision to reverse harsh measures of budget appreciated
KARACHI: Former Vice President of FPCCI and Patron-in-Chief of Khairpur Chamber of Commerce, Shabnam Zafar, have expressed satisfaction over the government's decision to reverse the harsh measures announced in the Federal Budget 2025-2026 against the business community. She appreciated the efforts of former caretaker Federal Minister for Commerce Gohar Ejaz, UBG Patron-in-Chief S.M. Tanveer, and FPCCI President Atif Ikram Sheikh for presenting the concerns before Prime Minister Mian Muhammad Shehbaz Sharif, Field Marshal Syed Asim Munir, Federal Minister for Finance and Revenue Muhammad Aurangzeb, PM's Special Assistant on Revenue Haroon Akhtar Khan, Minister of State Bilal Azhar Kayani, and other senior officials. Shabnam Zafar stated that the budget had included several tax enforcement measures that were extremely harmful to the country's business, industrial, and trade activities. These measures had created an atmosphere of fear among the business community. However, through a formal consultation process, detailed discussions were held on key issues such as Section 37A of the Sales Tax Act, Section 21(S) of the Income Tax Act, e-invoicing, Section 8B, and Section 40B of the Sales Tax Act. She added that not only were these matters thoroughly discussed, but nearly all issues were now amicably resolved with the government. The business community across Pakistan expresses gratitude to Prime Minister Mian Shehbaz Sharif, Field Marshal Syed Asim Munir, and all concerned ministers and senior officials for timely resolution of the issues in the national interest. As a result of these negotiations, all relevant notices and circulars have now been issued. Copyright Business Recorder, 2025
