Finance Minister Shaukat Tarin has urged Punjab and Khyber Pakhtunkhwa to rationalize expenditure and harmonize taxation policies for a growth-oriented Budget.
He was talking to Finance Ministers of for Khyber Pakhtunkwa and Punjab who called on him at the Finance Division in Islamabad today (Tuesday).
SAPM on Finance and Revenue Dr. Waqar Masood and Secretary Finance Division Kamran Ali Afzal were also present during the meeting.
The Provincial Finance Minister from KP briefed the Finance Minister about efforts undertaken by the Provincial government to curtail expenditure and rationalize spending with a key focus on providing maximum relief to the masses amid COVID-19 pandemic.
He also outlined measures taken to enhance provincial tax collection by expanding tax base and reducing the number of taxes.
The Provincial Finance Minister KP further apprised about commitment of the KP Government to streamline pay and pension expenditure which takes the biggest chunk of the overall Budget.
In his remarks Shaukat Tarin urged the Provincial administration to adhere to strict financial discipline and work out modalities to rationalize expenditure and divert savings towards socio-economic development in the Province particularly amid COVID-19 and in post COVID-Scenario.
While discussing Budget proposals, the Federal Finance Minister stressed that Education and Health are the key priority areas and must be given preference during the Budget making exercise.
Later, Finance Minister for Punjab Makhdoom Hashim Jawan Bakht briefed the Federal Finance Minister about the overall fiscal position and upcoming Budget considerations during the meeting.
He highlighted the steps taken by the Punjab Government to provide maximum relief to the vulnerable segments of the society during these testing times. He spelled out the vision and commitment of the Punjab Government to increase revenues, control expenditure, job creation, reduction of poverty and facilitating agriculture, Industrial and service sectors to tap true potential of these sectors for an export-led growth.
In his remarks, the Finance Minister emphasized the need for value-addition in Budget making exercise.