Finance minister, multinationals chart path for reform in OICCI dialogue

KARACHI: Finance Minister Muhammad Aurangzeb held a high-level virtual dialogue with the Overseas Investors Chamber of Commerce and Industry (OICCI), attended by senior executives from leading multinational companies operating in Pakistan.

The minister outlined the government’s medium-term economic vision, focusing on broadening the tax base, increasing the tax-to-GDP ratio for long-term fiscal sustainability and reinforcing macroeconomic stability through structural reforms, according to a statement issued on Friday.

He noted that reforms at Pakistan Revenue Automation Limited (PRAL) had already been implemented to enhance transparency and efficiency, and highlighted the potential for private sector involvement in data-driven enforcement going forward. Aurangzeb also shared that global investors, during his recent visit to the US, expressed confidence in Pakistan’s turnaround and urged the government to sustain its reform momentum.

Reaffirming the government’s commitment, the finance minister stated: “We are dedicated to implementing reforms that will establish a more equitable tax regime, foster investment and place Pakistan on a path of inclusive and sustained economic growth.”

OICCI President Yousaf Hussain commented: “We fully support the government’s economic direction and its medium-term commitment to building a sustainable and resilient growth model, with particular emphasis on export expansion, localisation of inputs, and structural reforms aimed at boosting competitiveness and production efficiency.”

OICCI Chief Executive and Secretary-General M Abdul Aleem added: “We appreciate Finance Minister Muhammad Aurangzeb’s recent engagements in Washington and his effective outreach to global stakeholders. These efforts, along with the government’s consistent articulation of a medium-term strategy centred on structural reforms, fiscal discipline and sustainable growth, send a strong and reassuring signal to the business community.”

The meeting was also attended by CEOs of OICCI member companies, as well as the Federal Board of Revenue (FBR) Member Policy and Member Customs. CEOs raised specific queries regarding the sales tax anomaly affecting oil refineries and other issues related to tax enforcement in Pakistan.