LAHORE: Local businessmen will be given a level playing field in the upcoming budget of 2018-19 while announcing Amnesty Scheme, the government has reposed trust in the business community and expects positive response from the other side and took bold decisions in the larger interest of the economy.
These views were expressed by Prime Minister’s Assistant on Revenue Haroon Akhter Khan while addressing at the Lahore Chamber of Commerce and Industry along with Minister of State for Finance and Economic Affairs Rana Muhammad Afzal Khan.
He said that the tax amnesty scheme is a big breakthrough and it would help expand tax net. Collection of revenue always remained under pressure due to various reasons, he said.
Haroon Akhtar said that the government has made reasonable progress at economic fronts and took bold decisions in the larger interest of the economy. He said that consultations had been made with the stakeholders at vast scale to make budget friendly. He said that the business community has been given relief in rules and regulations wherever it was possible. He said that people having taxable income should be given tax that would reduce burden of the existing taxpayers. He said that the government has taken measures to make real estate sector documented.
State Minister of Finance & Economic Affairs Rana Muhammad Afzal Khan said that industrial growth is a must for progress. He said that government has formulated the budget for long-term benefits. Afzal said that we are trying to enhance revenue by improving the existing tax recovery system. The state minister also said that the attitude of tax collection machinery should be friendly with the business community. He said that systematic efforts are being made to fill the gap between tax payers and tax collectors.
Rana Muhammad Afzal Khan has said China-Pakistan Economic Corridor (CPEC) is the road to economic development and prosperity, not only for Pakistan and China but also for the whole region. He said CPEC would help promoting agriculture sector of the country, besides promoting the other sectors of economy.
LCCI President Malik Tahir Javaid said that current account deficit in the period (July-Feb) FY 2018 is $10.8 billion as compared to $7.2 billion in the same period in FY 2017. The net forex reserves with State Bank of Pakistan have declined to $11.78 billion as of March 22, 2018. The LCCI president said that the introduction of broad-based tax reforms in Pakistan has become imperative. Existing narrow tax-base, the policy-makers instead of revolutionizing the tax policy options, seem defendant on the burdening the existing taxpayers whether corporate, salaried, individuals and certain other documented sectors of the economy.
Prominent among those who attended the meetings includes Chief Collector of Customs Central Region Zeba Hai Azhar, Collector Customs Preventive Faiz Ahmad and Collector Customs Appraisement Jamil Nasir.
Senior Vice President Khawaja Khawar Rashid and Vice President Zeshan Khalil also spoke on the occasion. Mian Muhammad Ashraf, Sheikh Muhammad Asif, Mian Misbahur Rehman, Mian Anjum Nisar, Farooq Iftikhar, Shahid Hassan Sheikh, Irfan Iqbal Sheikh, Almas Hyder, Kashif Anwer and executive committee members were present on the occasion.
