Taseer was born in Simla, Punjab, British India. He studied accountancy in London and later joined Zulfiqar Ali Bhutto's Pakistan Peoples Party in 1967. He was elected to the Punjab Assembly in 1988 and was Deputy Opposition Leader. He was also elected to the National Assembly and held the position of Federal Minister for Industries, Production and Special Initiatives. In May 2008 he was made the Governor of Punjab. He was a close assistant to Benazir Bhutto.