Finance Minister Asad Umar on Saturday announced that the government will present the mini-budget on January 23.
The mini-budget was initially set to be presented on January 21 but was delayed as Prime Minister Imran Khan will be travelling, Umar said during a meeting with industrialists at Karachi Chamber of Commerce.
“Tax anomalies will be removed in the mini-budget,” the finance minister said. “Any changes in tax policy will be made after approval from the Parliament,” he added.
Umar further said, “Powers of Federal Board of Revenue’s (FBR) statutory regulatory orders (SROs) have been withdrawn.”
During the meeting, industrialists expressed reservations over powers given to low cadre FBR officers.
Speaking to the media after his meeting, Umar said, “In the 21st Century, private sector runs the economy, thus, we have to prioritise our decisions.”
“Till we don’t create a favourable environment for private investors, they will not invest after a certain limit no matter how patriotic they are,” he added.
The finance minister continued, “Pakistan Tehreek-e-Insaf (PTI) is the only political party which mentions ease of doing business in its manifesto. Every month a meeting is summoned and chaired by Prime Minister Imran Khan to discuss ease of doing business.”
“Savings and investment are at their lowest in the country. This is why in the mini-budget we will take measures to lower consumption and increase investment,” he stated. “The Finance Bill to be tabled on January 23 will highlight benefits of investment and ease of doing business.”