Prime Minister Shehbaz Sharif has commended the Federal Board of Revenue (FBR) and Karachi Port authorities for advancing Pakistan’s customs operations through the launch of the Faceless Customs Assessment System. The initiative, introduced on Wednesday, aims to minimize human intervention, cutting the customs clearance time from 107 hours to just 19 hours.
Immigration Authorities Offload 30 Passengers and Receive 51 Deportees at Karachi Airport
At the inauguration ceremony, the prime minister termed the development a “great success,” citing an 88% satisfaction rate among importers. He emphasized that modernizing customs operations is crucial to boosting trade efficiency and curbing delays.
Tax System Overhaul to Attract Foreign Investment
Shehbaz Sharif also outlined plans to reform Pakistan’s tax system, with a focus on reducing tax rates and preventing evasion. “Large foreign investments cannot be attracted under the current tax framework. We will reduce tax rates and revise slabs to curtail theft,” he stated.
The PM highlighted inefficiencies costing the nation Rs4 trillion annually, particularly in port operations and excise and sales tax systems. He noted a Rs400 billion gap between the tax collection target and actual revenues, stressing that bridging this shortfall is achievable.
The prime minister tasked the finance minister with designing a policy incorporating penalties and incentives for tax compliance. He further reaffirmed Pakistan’s commitment to maintaining the tax-to-GDP ratio at 10%, as agreed with the International Monetary Fund (IMF).
Economic Progress and Energy Sector Initiatives
Sharing positive economic indicators, Shehbaz Sharif announced a drop in the interest rate to 13%, a significant reduction in inflation from 38% to 4.1%, and a 34% increase in IT exports.
On energy management, the PM revealed plans to lower electricity prices, noting that the Sindh government had offered to sell its electricity distribution companies (DISCOs) to the federal government. He called on other provinces to follow suit, stating, “We are ready to hand over electricity distribution companies to the provinces. This collaborative approach will help address challenges in the energy sector.”
Focus on Development Programs
The prime minister concluded by highlighting recent government initiatives, including the launch of the Uran Pakistan program, aimed at driving the nation’s economic and infrastructural progress.
With these measures, the government aims to create a more investor-friendly environment, improve public sector efficiency, and foster sustainable economic growth.
