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Mr. Atif Ikram Sheikh, President of The Federation of Pakistan Chambers of Commerce & Industry (), emphasized that the ‘s comprehensive Shadow Budget for the fiscal year 2026-27 embodies the collective wisdom of Pakistan’s business, industry, and trade community.
Atif Ikram Sheikh stressed that urges the federal government to incorporate its policy recommendations to ensure the upcoming budget is fundamentally driven by economic growth rather than customary revenue growth and stabilization emphasis. He maintained that a growth-centric approach is the only viable path to mitigating Pakistan’s macroeconomic challenges, reducing the critical expansion in the trade deficit, and providing much-needed relief to an industrial sector currently crippled by surging energy costs and high interest rates.
Chief explained that broadening the tax base remains the most critical structural reform required to shift Pakistan away from its chronic reliance on inflationary indirect taxes and the over-taxation of existing corporate sectors. A sustainable expansion of the tax net must move beyond coercive enforcement against registered taxpayers; and, instead focus on bringing new taxpayers into the formal economy through digitization, data integration, and targeted incentives.
Mr. Atif Ikram Sheikh pointed out that total taxes on industrialists are up to 65% when all types of taxes are accounted for – which shall be brought down in the range of 35-40% in the upcoming Federal Budget 2026-27 to enable competitiveness in the international market; and, contribute aggressively to the national economy and export earnings.
Mr. Saquib Fayyaz Magoon, SVP , elaborated that by leveraging advanced data analytics to identify high-income non-filers and simplifying, streamlining compliance procedures for small and medium enterprises (SMEs), the government can distribute the fiscal burden more equitably. He highlighted that the federal budget must shift its focus from aggressive revenue collection to facilitating a broad-based economic revival. Sustainable growth requires a modern approach, specifically through strategic national investments in emerging technologies; including, Artificial Intelligence and the widespread rollout of 5G technology to make Pakistani industries globally competitive.
Mr. Abdul Mohamin Khan, VP & Regional Chairman Sindh, , pointed out that regional industries are facing an unprecedented liquidity constraint. He expressed that a high-interest-rate environment severely restricts the operational capacity of businesses across the province. He urged the Ministry of Finance to incorporate ’s recommendations; which outline actionable steps to reduce manufacturing costs and create a genuinely business-friendly environment that can spur industrialization and job creation across Sindh and the rest of the country.
The leadership unanimously concluded that the proposals outlined in the Shadow Budget offer a pragmatic, industry-backed roadmap. They warned that ignoring these stakeholder-driven recommendations in the finalized Federal Budget would risk further economic stagnation and industrial closures.