Karachi (Monday, July 14, 2025) – The Federal Finance Minister has summoned all chambers and trade associations across the country for a meeting on July 15 to discuss concerns regarding the announced nationwide strike.

Speaking to journalists at the Overseas Investors Chamber of Commerce in Karachi, Finance Minister Muhammad Aurangzeb said that they will listen to the stance of all chambers and associations regarding the strike planned for July 19 and will also present the government’s viewpoint. He emphasized that all chambers should familiarize themselves with the current law.

He stated that several safeguards have been introduced in the current law against sales tax fraud and other violations. For any irregularity exceeding Rs. 50 million, prior approval from the Commissioner or a three-member FBR board will be mandatory for making an arrest.

Muhammad Aurangzeb clarified that the Federal Board of Revenue’s (FBR) powers have no relation to income tax. A crucial meeting regarding FBR’s extended powers will be held tomorrow with the chamber presidents, where the policy will be explained. These extended powers will only apply to individuals involved in sales tax evasion of more than Rs. 50 million. He added that there is a propaganda campaign being run against FBR’s additional powers.

He noted that the extended FBR powers were approved by the assembly in consultation with the standing committee and have been implemented to prevent sales tax fraud.

The Finance Minister also shared that he met with the State Bank Governor and heads of commercial banks to discuss the banking sector’s role in ensuring sustainable development in Pakistan. He said all available fiscal space has already been used to provide relief to salaried individuals.

He highlighted that Pakistan’s financial outlook has improved, leading to increased liquidity in the banking sector. Now, banks should expand lending to the private sector. Improvement has also been noted in financing for both agriculture and small and medium enterprises (SMEs).

Muhammad Aurangzeb further stated that the Privatization Commission has been handed over 243 SOEs (State-Owned Enterprises) for privatization. He mentioned that banks could play a key role, especially in the privatization of PIA. He emphasized that banks should collaborate with sponsors to help revive sick industries and that joint steps are needed to rehabilitate loss-making state-owned institutions. Pakistan’s banking sector is currently supporting the national economy.