LAHORE – Federal Minister for Finance and Economic Affairs Asad Umar onMonday expressed the resolve to simplify thetaxation system to facilitate the taxpayers especially the businesscommunity at large.He was talking to businessmen and office-bearers of Federation of PakistanChambers of Commerce and Industry (FPCCI) here at Federation’s RegionalOffice. State Minister for Revenue Hammad Azhar and Federal Board ofRevenue (FBR) Chairman Jahanzeb Khan also accompanied the Federal FinanceMinister. FPCCI President Daroo Khan Achakzai, FPCCI Regional Chairman andVice President Abdul Rauf Mukhtar, Vice President Shireen Arshad Khan andother prominent businessmen also shared their views.The finance minister added that simple mechanism for tax returns and salestax was need of the hour to restore confidence of the industrialists andbusinessmen. He assured that new and trouble-free system for tax returnwould be put in place during the current year. He, however, stressed theneed for implementation of an effective tax audit system that would notonly control tax evasion but also help real collection of tax revenues.Asad Umar informed the business community that Federal Board of Revenue hadalso been directed to organize an event for the top taxpayers toacknowledge their contribution in the national development.Regarding electricity system, the finance minister was of the view that theold system of power distribution and tariff would have to be deregulated,and new rules and regulations in this regard would have to be formulatedand implemented.Finance minister appreciated the FPCCI’s idea of establishing CottageIndustrial Estate and said that he would recommend it, while the relevantprovincial government would also be taken on board. Small industrial unitsplayed pivotal role in creation of new employment opportunities as well aswork as prove catalyst for the economic development of the country, heopined.Asad Umar said that Special Economic Zones (SEZs) were indispensable toattract local and foreign investments into Pakistan, asserting that thoughnew SEZs would be established under China-Pakistan Economic Corridor(CPEC), the fully activation and facilitation of the existing ones were ofgreat importance for jacking up the country’s exports.Establishment of SEZs was a priority agenda item of the present governmentand SOP (Standard Operating Procedures) would soon be put in order, hemaintained. Business community should take over the operations ofthe industrial estates and Special Economic Zones (SEZs), he asserted.Federal Finance Minister said that surplus wheat in the country should beexported but after its value addition. He said that cotton was the backboneof Pakistan’s economy, therefore, a comprehensive strategy would be chalkedout in 2019 by taking all the stakeholders aboard.Finance Supplementary (2nd Amendment) Bill 2019 would definitely facilitatethe 51 percent of the population (womenfolk) as steps to be taken throughthis bill would enable women entrepreneurs to start or expand theirbusinesses easily and also facilitate the working/jobber women.On this occasion, FPCCI President Daroo Khan Achakzai said that measuresannounced in the bill were realistic and growth-oriented with emphasis ongrowth in exports and revival of economy. “The thrust of this bill is toalter the direction of the economy from trading and services to industryand manufacturing with a focus on ease of doing business in the country,”he added.He also expressed his gratitude and thanks to the Finance Minister forincorporating most of the FPCCI proposals, which had since long beenadvocated by it.
Finance Minister Asad Umar hints at further economic and taxation Reforms in country
