Beverage Industry Presents Tax Proposals for Budget 2024-25

Beverage Industry Presents Tax Proposals for Budget 2024-25

Islamabad, May 22, 2024 – On Wednesday, the beverage industry presented its tax proposals for the upcoming budget 2024-25 to Finance Minister Muhammad Aurangzeb.

The delegation, led by President of Lotte Akhtar Beverages, Ghazi Akhtar, met with the Federal Minister for Finance and Revenue to discuss tax proposals and growth initiatives.

The meeting, held at the Ministry of Finance, also included the Turkish Ambassador to Pakistan, Dr. Mehmet Pacaci. According to a news release, the delegation expressed their appreciation for the government’s economic initiatives and conveyed that they feel encouraged by the supportive policies currently in place.

During the discussions, the beverage industry representatives presented several tax proposals for the upcoming fiscal year. They suggested adjustments to the Federal Excise Duty (FED), aiming to foster industry growth while contributing to the government’s tax collection efforts. These adjustments, they argued, would provide the industry with much-needed relief and promote further investments.

Finance Minister Aurangzeb highlighted the government’s commitment to supporting the private sector. He emphasized the Prime Minister’s vision for private sector-led economic growth, a vision evident in the ongoing privatization efforts. “The government is committed to proceeding with strategic intent within the available fiscal space,” said Aurangzeb. He assured the delegation that their proposals would be given due consideration in the formulation of the budget.

The delegation thanked the Finance Minister for the opportunity to present their proposals and expressed optimism for continued collaboration and support. They reiterated their confidence in the government’s ability to create a conducive environment for business growth, which, in turn, would benefit the national economy.

This meeting signifies a crucial step towards aligning industry needs with government policies. By engaging directly with industry leaders, the government demonstrates its willingness to listen and adapt to the challenges faced by various sectors. The beverage industry, a significant contributor to the national economy, stands to benefit from any supportive measures implemented in the upcoming budget.

Overall, the dialogue between the beverage industry and the government reflects a collaborative effort to ensure economic stability and growth. As both parties work together, there is hope that the proposed adjustments will lead to a more favorable business environment, benefiting not only the beverage industry but the economy as a whole.