Tarin Assures Business Community For Tax Rationalization
Muhammad Irfan 16 days ago Thu 03rd June 2021 | 11:20 PM
ISLAMABAD, Jun 3 (UrduPoint / Pakistan Point News - 3rd Jun, 2021 ) :The Federal Minister for Finance and Revenue, Shaukat Tarin on Thursday assured the business community to rationalize taxes and duties to increase the tax payer base.
The minister chaired two separate meetings through video link with the representatives of the Karachi Chambers of Commerce and Industry and those from the Auto Industry of Pakistan in order to ensure the full participation of the business community in the current budget making exercise, said a press release issue by Ministry of Finance here.
He agreed to both delegations that the government is cognizant of the issues of the business community and is ready to rationalize taxes and duties to increase the tax payer base and remove unnecessary hurdles by Federal board of Revenue (FBR) in the expansion of the businesses, small or large, for the overall benefit of the economy.
He also said that the upcoming budget will play a major role in export promotion and increasing the footprint of small and medium businesses in the economy and for that all necessary preparations have already been done.
Special Assistant Prime Minister on Finance and Revenue Dr. Waqar Masood and Adviser to Prime Minister on Commerce and investment Abdul Razak Dawood were also present in both the meetings to facilitate the consultative process before the budget making exercise.
The second meeting was also attended by Adviser to PM on Austerity and Institutional Reforms Dr. Ishrat Hussain.
The representatives of the business community discussed a range of issues including the energy subsidies for export oriented sectors, Tax concessions/ refunds and multiple issues related to cooperation from FBR and facilitation of the small and medium enterprises/exporters.
The delegation of the Auto Industry was led by CEO Indus Motors Ali Asghar Jamali.
The delegation then requested concessions in sales tax, Federal Excise Duty, Customs Duty and Additional Customs Duty on the cars with the commitment to introduce corresponding decrease in the local prices.
They also offered to settle issues pending in courts in an amicable manner and honor their commitment to the customers for timely product delivery.