Finance Minister Announces Privatization of 24 State-Owned Enterprises, Vows Tax Relief for Salaried Class

Lahore: Federal Finance Minister Muhammad Aurangzeb has announced that 24 national institutions will be privatized as part of the government’s economic reform plan. Addressing a ceremony at the Lahore Chamber of Commerce, the minister emphasized the need to reduce the tax burden on the salaried class, stating that they face automatic tax deductions as soon as their salaries are credited.
Aurangzeb said that economic relief should reach the common man, not the middlemen, and ensured that inflation control measures will directly benefit the public. “Middlemen will not be allowed to exploit the system,” he asserted.
He highlighted that improvements in financing costs, electricity prices, and taxation would stimulate industrial growth. The minister noted that Prime Minister Shehbaz Sharif is personally leading economic reforms and that visible progress will soon be evident.
Pointing to the potential of the mineral and IT sectors, Aurangzeb said they could be game changers for Pakistan. He mentioned copper exports as an example, saying Pakistan could benefit similarly to how Singapore is earning $22 billion from nickel exports.
He also confirmed that the government has removed key obstacles hindering the repatriation of profits for foreign investors, helping build confidence among international stakeholders.
Discussing taxation reforms, the finance minister said that increasing the tax-to-GDP ratio to 13% could provide relief to other sectors as well. He stressed the importance of direct engagement with stakeholders to resolve issues effectively.
Lahore Chamber President Mian Abuzar Shad echoed these sentiments, urging long-term industrial policies, tax reforms, and export strategies. He emphasized the inclusion of the private sector in policymaking and called for regulatory barriers to be removed to promote investment. Shad also stressed the need for a stable currency and timely tax refunds for exporters.