Murtaza Mahmud Launches Study On Existing Income Tax Regime For SMEs

Federal Minister for Industries and Production, Syed Murtaza Mahmud on Thursday launched a study on the existing income tax regime for small and medium enterprises (SMEs)

ISLAMABAD, (UrduPoint / Pakistan Point News - 1st Jun, 2023 ):Federal Minister for Industries and Production, Syed Murtaza Mahmud on Thursday launched a study on the existing income tax regime for small and medium enterprises (SMEs).

The study was conducted by Small and Medium Enterprise Development Authority (SMEDA), through its project titled "research, regulatory and advocacy assistance for SMEs", said a press release issued here.

The launch was attended by the business community and officials from the Federal Board of Revenue (FBR), and Ministry of Industries and Production.

On the occasion, Chief Executive Officer of SMEDA, Farhan Aziz presented the report of the study to the minister.

Murtaza Mahmud acknowledged the role of SMEDA in highlighting challenges the SMEs were confronting with and advocating their development through evidence-based policy proposals.

Addressing the ceremony, Parliamentary Secretary, Ministry of Industries, and Secretary Women's Parliamentary Caucus, Dr. Syeda Shahida Rehmani stressed the need to address the challenges of SMEs and suggested that their issues should be resolved through one window operation.

Women should be provided facilities at priority to run their businesses through SMEs, said adding that high rates of electricity bills were the barrier in the growth of the SMEs and recommended reduction in rates of taxes making their businesses easy.

Farhan Aziz said that the national SME policy was approved by the government in 2021, which not only adopted a uniform definition of SMEs but also recommended a host of regulatory and tax-related reforms.

However, challenges related to the taxation regime were complex bringing informal SMEs into the tax net required targeted efforts and incentivizing compliance, he addedKashif Anwar President LCCI, Asim Saeed member private sector development, and planning commission, Waqasul Hassan, CEO Karandaaz Pakistan, and Dr. Hamid Atteque Sarwar, tax lead revenue mobilization, investment and trade were among the key speakers of the event.