KARACHI: President of the Pakistan Business Forum (Sindh Region) and Chairman of the Pakistan Petroleum Dealers Association, Malik Khuda Bakhsh, has expressed approval of the government's efforts to stabilize Pakistan's economy. He highlighted that initiatives led by Prime Minister Mian Shehbaz Sharif and Field Marshal Syed Asim Munir have bolstered confidence among the business community and the public.

According to Pakistan Business Forum, Malik Khuda Bakhsh pointed out the necessity for fundamental reforms in the fiscal and administrative systems to enhance the effectiveness of current measures. He emphasized the need for a clear delineation of responsibilities between federal and provincial governments regarding tax collection, expenditures, and resource distribution. He advocated for revisiting the fiscal powers and responsibilities in the new phase of the National Finance Commission (NFC).

Malik Khuda Bakhsh proposed simplifying the tax system to make it more transparent and business-friendly, suggesting the elimination of unnecessary complexities and the integration of digital records. He called for a uniform system to ease the taxpayer's interactions with government departments and encouraged recognition of institutions and provinces with strong tax collection performance. He acknowledged the government's progress in documenting the economy and broadening the tax base but recommended further success through consultation with traders and industrialists.

He stressed the urgency of administrative reforms due to Pakistan's growing population and economic needs, urging the government to focus on facilitating the business community, reducing energy costs, increasing industrial production, and boosting exports. He commended the Prime Minister's and Field Marshal's contributions to economic and national stability, suggesting enhanced coordination between the government and the private sector. He expressed optimism that the government would continue its policies and incorporate business community recommendations, which could boost investment, employment, and economic activity.