SM Tanveer, Patron-in-Chief of the United Business Group (UBG) at FPCCI, called on Prime Minister Shehbaz Sharif to promote export-led economic growth in the upcoming federal budget during a recent meeting with the Prime Minister and cabinet members. He commended their diplomatic efforts for regional peace and outlined key budget proposals, including a 10% concession under the Duty Drawback of Local Taxes and Levies (DLTL) to spur export growth and reduce electricity tariffs to below 9 cents per kilowatt-hour.

Tanveer criticized the super tax, which raises about Rs300 billion, and the recent 100-basis-point increase in the policy interest rate by the State Bank of Pakistan, arguing that it adds Rs600 billion in debt-servicing costs. He also urged the activation of the housing sector to support allied industries, recommending a scheme similar to the Temporary Economic Refinance Facility (TERF), abolishing certain sections of tax law, and increasing the middle-class housing loan limit to Rs30 million.

He noted that only 350 out of 10,000 applicants were approved in a previous housing scheme with a ceiling of Rs2.5 million and requested the Prime Minister’s direct oversight. Lastly, Tanveer proposed simplifying tax processes for bank depositors and suggested using CNIC as the NTN to boost tax filers.