ISLAMABAD: The Federal Cabinet at its meeting in Islamabad today approved budget strategy paper 2015-16.
Its meeting was presided over by Prime Minister Nawaz Sharif which discussed state of economy and proposed targets for the next financial year.
The budget strategy paper approved today provides guidelines for further strengthening national economy, streamlining tax system to broaden its base and ensuring provision of maximum relief to the common man.
Addressing the meeting, Prime Minister Nawaz Sharif said the next budget should focus on providing maximum relief to the people so that they can also reap the fruits of stability in country’s economy.
The Prime Minister appreciated the fact that key economic indicators have improved during last two years.
The Prime Minister said efforts are underway to reduce tax rates and duties and broaden the tax base to increase revenue collection. He said this would encourage people to willingly pay their taxes.
The Cabinet meeting took note that while benefits of mega projects in the pipeline will start unfolding in next 5-10 years, immediate measures are needed to strengthen the benefits of recent stabilization measures with the help of private sector.
The Prime Minister directed Ministry of Commerce to gear up efforts to increase country’s exports.
Minister for Finance Ishaq Dar briefed the Cabinet about the performance of economy and efforts being made to strengthen economy.