KARACHI, Jun 12 (APP): Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Friday, commending the government’s efforts toward macroeconomic stabilization urged on a stronger transition toward sustained economic and industrial growth.
President FPCCI, Atif Ikram Sheikh, addressing the business community and media in a post-budget session, acknowledged the presentation of the Rs 18.7 trillion Federal Budget 2026-27 and congratulated Prime Minister Mian Muhammad Shehbaz Sharif and the government’s economic team on their fifth consecutive federal budget, noting that it reflects a vital continuity of economic policy.
He highlighted the encouraging signs of stability in Pakistan’s economy with GDP growth improving to 3.7%, the fiscal deficit reducing to 0.7% of GDP, and public debt servicing costs declining by 23%. The economy has undeniably moved toward fiscal discipline, he added and urged on more policy measures for transition from stabilization to robust economic growth.
Atif Ikram Sheikh expressed appreciation that a number of FPCCI’s key recommendations were incorporated into the budget and said that the business community welcomes the measures as to tax relief, Super Tax reforms, salaried class support, sector specific incentives, retail digitalization and exporter relief.
He highlighted the abolition of the Capital Value Tax (CVT) on foreign assets, elimination of the surcharge on salaried individuals, reductions in tax rates across all slabs, extension of the 0.25% final tax exemption on IT exports, 50% reduction of Withholding Tax for filers in the construction sector, and introduction of a new 1% fixed sales tax scheme for retailers.
Stressing the need for support for sustained industrialization, job creation, and higher economic growth, the FPCCI president noted, “The next phase of reforms must hyper-focus on productivity enhancement, export diversification, and lowering the cost of doing business.”