President of Pakistan, Dr. Arif Alvi, has called upon the business community to fulfill their tax obligations, emphasizing that this would play a pivotal role in reducing the budget deficit and enabling greater allocation of funds for development projects. His remarks came during a meeting with a delegation from the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Office, Lahore, in Islamabad on Monday.
During the meeting, President Alvi underscored the critical role the FPCCI can play in motivating the business community to adhere to tax laws and contribute to the national treasury. He stressed that a stronger tax compliance culture would not only address the budget deficit but also provide the government with the necessary financial resources to undertake development initiatives across various sectors.
“The FPCCI, as the sole chamber representing all trade bodies across Pakistan, should actively encourage its members to follow the trade laws and pay their taxes,” the President stated. “Reducing the budget deficit will enable the government to allocate more funds toward vital development projects, which is essential for the country’s progress.”
Dr. Alvi reiterated that fostering collaboration between the public and private sectors is key to paving the way for a prosperous Pakistan. He praised the FPCCI for its efforts in promoting economic growth and said that private sector engagement is vital for national development.
“The private sector has played a significant role in driving economic growth, and the FPCCI’s contributions are noteworthy,” he acknowledged. “However, given the current economic challenges, it is even more important for the business community to step up and contribute by paying their fair share of taxes.”
President Alvi also noted that the government is acutely aware of the challenges facing the trade and industrial sectors and is working diligently to provide a level playing field. He highlighted several government measures aimed at supporting the business community, including the provision of gas at concessional tariffs for export-oriented industries and the introduction of a sales tax zero-rating regime for five key sectors—textiles, leather, carpets, surgical goods, and sports goods.
The President pointed out that while Pakistan’s current economic climate requires difficult decisions, the government is committed to improving the overall economic landscape. “Reducing the trade deficit by curbing the import of non-essential and luxury items is a key component of the government’s strategy,” he said.
Dr. Alvi concluded by reaffirming his commitment to working closely with the private sector to boost Pakistan’s economic growth, stressing that the collective wisdom of both sectors is essential for the nation’s prosperity.