Preparing next budget in light of prevailing situation: Hafeez Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh said Monday the government is preparing the budget for the next financial year in light of the situation arising out of the coronavirus pandemic.

Chairing a high-level meeting, he said the government will consider suggestions of all stakeholders in this regard. He maintained the government is taking concrete steps to bring an end to the issues ailing the national economy.

Hafeez Shaikh said they want to fix loopholes in the country’s tax collection system.

During the meeting, Dr Ikramul Haq, participating the meeting via video link, put forth suggestions on improving the tax collection system and widening the tax base by using data of markets and commerce and industry chambers.

The Federal Board of Revenue (FBR) chairperson, former finance secretary Waqar Masood and others attended the meeting.

Earlier, on May 15, Abdul Hafeez Shaikh had chaired a meeting to review the economic outlook amid COVID-19 crisis and budget preparations for the new fiscal year.

The matters related to the upcoming budget FY2020-21 and impact of COVID-19 pandemic on the nationals were discussed in the meeting. Shaikh urged exhibition of responsibility into financial affairs in view of the alarming situation of the national economy due to coronavirus.