ISLAMABAD, (UrduPoint / Pakistan Point News – 16th Feb, 2025) Federal board of Revenue (FBR) Chairman Rashid Mahmood Langrial on Sunday said that the government was undertaking significant initiatives to strengthen economic reforms and drive growth in key sectors.
Talking to a private news channel, he said that the right steps toward economic reforms were taken, focusing on tax expansion, private sector growth, and key sectors like IT and energy.
He said that the government was actively engaging with business councils and chambers of commerce to gather recommendations. “We are conducting analytical work on these proposals over the next one to two months. The finance minister has also committed to ensuring meaningful interaction and progress on these recommendations,” he added.
He emphasized the need for private sector participation in economic reforms, stating that businesses must integrate into the tax net and adopt necessary reforms. There was much room for improvement in this area, and a shift in attitude was required, he said.
Discussing economic growth, Langrial stressed the importance of maintaining a balanced approach.
“We must carefully manage the pace of growth, moving gradually towards stability. Sustainable growth is only achievable through hard-earned progress in key sectors such as minerals, IT, food processing, shipping, and garment exports. This transformation will happen gradually,” he noted.
He cautioned against halting growth in the name of stability, saying that such measures would not yield positive results for society.
Addressing concerns that economic growth benefits are not reaching the common man, he acknowledged that the government is aware of the issue and recognizes the need for improvements in the taxation structure.
“Our biggest challenge is that those who should be paying taxes are not doing so. The FBR has yet to develop the necessary capacity to collect taxes effectively from them. Expanding the tax base is essential,” he asserted.
The chairman reiterated that economic reforms require a collaborative effort between the government and the private sector to ensure sustainable progress.
