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Cabinet approves Budget Strategy Paper 2015-16‏

Updated May 26, 2015

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"We aim at reducing tax rates and duties to increase our revenue," the PM said during his address to the cabinet. —Photo Courtesy: PM House
"We aim at reducing tax rates and duties to increase our revenue," the PM said during his address to the cabinet. —Photo Courtesy: PM House

ISLAMABAD: A meeting of the cabinet, presided over by Prime Minister Nawaz Sharif, gave its approval for Budget Strategy Paper (BSP) 2015-16‏ on Tuesday.

Secretary Finance Dr Waqar Masood Khan gave a presentation on the BSP.

The cabinet meeting took note that while benefits of mega projects in the pipeline will start unfolding in next five to 10 years, immediate measures are needed to strengthen the benefits of recent stabilisation measures with the help of the private sector.

The meeting was informed that the federal budget was being planned for presentation in the National Assembly on June 5.

Finance Minister Ishaq Dar gave a presentation on the performance of the finance division during the meeting.

Also read: Govt may allocate Rs575bn for development in next budget

The prime minister congratulated the finance minister and his team "on achieving high growth and economic stability".

The prime minister appreciated the fact that key economic indicators have improved during last two years.

The premier while addressing the cabinet meeting said the upcoming budget should focus on providing maximum relief to the people so that they can also reap the fruits of stability in country's economy.

He directed the Ministry of Commerce to gear up efforts to increase country's exports.

"We aim at reducing tax rates and duties to increase our revenue. This would encourage people to willingly pay their taxes," the premier said.

"We must take revolutionary decisions and work day in and day out to further strengthen country's economy," he said.