24 National Institutions To Be Privatized, Salaried Individuals Assured Relief: FinMin

Muhammad Aurangzeb says lowering financing costs, electricity prices and improving taxation will help revive the industries.

LAHORE: (UrduPoint/UrduPoint / Pakistan Point News-April 12nd, 2025) Federal Finance Minister Muhammad Aurangzeb announced that 24 national institutions would be privatized and assured relief to the salaried individuals.

The finance minister acknoweldged that there is a huge tax burden on the salaried individuals.

Addressing an event at the Chamber of Commerce, Senator Muhammad Aurangzeb said, “We are public servants, and we are here at the chambers to listen to issues and resolve them,”.

He noted that lowering financing costs, electricity prices and improving taxation would help revive the industries.

“The PM himself is leading the economic front, and you will soon see the results,” he said, describing the mineral and IT sectors as potential game-changers for Pakistan.

Aurangzeb emphasized that copper could benefit Pakistan the way nickel benefitted Singapore, which earned $22 billion in exports from this resource. He stated that the government removed obstacles in the repatriation of profits for foreign investors, which boosted their confidence.

The finance minister assured that the efforts are being made to ensure that the benefits of reduced inflation reach the common man, and middlemen would not be allowed to exploit the situation.

“Pakistani products are of high quality and can become global brands. GCC countries, Ethiopia, and other nations are showing keen interest in imports from Pakistan.”

He further said that salaried individuals bear a heavier tax burden, as tax is deducted as soon as salaries are credited. “We will provide relief to them,” he assured.

He added that the instructions have been given to privatize 24 state-owned enterprises, and stressed that resolving issues without human interaction is not possible.

He said that by increasing the tax-to-GDP ratio to 13%, other sectors could be given relief.

On this occasion, Lahore Chamber President Mian Abuzar Shad said that reducing industrial costs, implementing tax reforms, and having a coherent trade strategy are crucial. He emphasized the need for strong coordination between the government and chambers for industrial revival and called for the removal of regulatory hurdles to promote investment.

He also highlighted the need for a long-term industrial policy and inclusion of the private sector in policymaking. “Steps must be taken to stabilize the currency’s value, and timely tax refunds to exporters should be ensured,” he added.