Govt Working To Rationalize Taxes, Bring Reforms In FBR: Abdul Razzak Dawood

Adviser to the Prime Minister on Commerce, Textile, and Industries Abdul Razzak Dawood has said that the government had finalized the five-year national tariff policy to bring down tariffs on raw material and machinery imports for export-based industries.

RAWALPINDI, (UrduPoint / Pakistan Point News - 15th Dec, 2018 ) :Adviser to the Prime Minister on Commerce, Textile, and Industries Abdul Razzak Dawood has said that the government had finalized the five-year national tariff policy to bring down tariffs on raw material and machinery imports for export-based industries.

"We are working to rationalize certain taxes, regulatory and custom duties. There are roughly 34 different taxes and we are planning to shrink them to 12 or eight in next couple of years. This will help us to meet the challenge of one core impediment in ease of doing business and I know business community suffered a lot on multiple fronts with respect to tax slabs and tariff lines." Addressing the "Emerging Pakistan" ceremony organized by the Rawalpindi Chamber of Commerce and Industry (RCCI) at Jinnah Convention Center Islamabad, Razzak Dawood said the government in its first 100 days had kicked off reforms in the Federal board of Revenue (FBR) and done a major shift in its working.

"We have decided to take policy matters from the FBR," and now the Finance Ministry would formalize the policy in consultation with key stakeholders, including the business community and chamber of commerce, he emphasized.

He appreciated RCCI efforts in promoting business activities in the region through exhibitions and assured his cooperation in fulfilling their demands of converting the old airport building into a modern expo center and provision of grid station to RCCI's Rawat Industrial Estate.

He expressed the hope that in next 30 days the people would see a genuine change on economy side as "we have done major shuffling in policy matters pertaining to taxation, exports, refunds, regulatory and custom dutiesand incentives to business community with respect to ease of doing business."World renowned companies including Exxo Mobil, Pepsi and Suzuki had pledged more investment in Pakistan, he added.