Tanveer backs growth-focused budget, cites relief for exporters and real estate

ISLAMABAD: SM Tanveer, patron-in-chief of the United Business Group and a leader of the Federation of Pakistan Chambers of Commerce and Industry, has described the federal budget for 2026-27 as a plan centered on growth and said its incentives could help support an economic recovery.

In a statement, Tanveer welcomed a set of fiscal steps announced in the budget, including tax concessions, the withdrawal of super tax for exporters, a 50% cut in taxes for the real estate sector, a fixed tax framework for shopkeepers and tax relief for salaried individuals. He said the business community had for some time been calling for lower taxes to help move the economy from a phase of stabilisation toward active growth.

Support for budget measures

Tanveer said the measures relating to real estate were particularly significant, adding that he had been pressing for such relief over the past year. He said the sector could stimulate activity in around 80 linked industries and in turn strengthen domestic economic momentum.

Referring to the broader economic direction, Tanveer argued that external expansion must come through exports while internal improvement depends on the revival of domestic trade. He said the government had taken what he called an inclusive approach on both fronts.

"The economy can only flourish through export-led growth externally and the revival of domestic commerce internally. The government has adopted an inclusive approach on both fronts to drive economic growth and create employment opportunities for the common man," he added.

Defence allocation and leadership praise

Tanveer also supported the increase in the defence budget. He praised Chief of Army Staff General Syed Asim Munir for his role in national defence and also commended what he described as the joint efforts of the army chief and Prime Minister Shehbaz Sharif in connection with the Islamabad peace talks.

He further appreciated the government’s economic team for presenting what he called a balanced and growth-oriented budget in the wider national interest.