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November 26, 2013

Businessmen to meet PM on tax issues


November 26, 2013

ISLAMABAD: Prime Minister Nawaz Sharif has invited business tycoons from all over the country to his office on 28th November to finalize a package for business friendly environment in the country, the News has learnt.
“Yes, the premier has invited business tycoons on Thursday (November 28) to restore their confidence,” a senior official of Finance Division confirmed to The News here on Monday night.The federal minister for finance Ishaq Dar is working on a package to remove procedural difficulties lying in the way of business community which impedes future growth of the country.
“The finance minister has constituted different committees and assigned them to come up with a comprehensive package that will be unveiled after consultations with the business community,” the sources said.When the FBR was contacted regarding the possibility that the meeting could result in halting the ongoing audit exercise, a senior official denied this could happen. He said that the exercise would continue as per rules and procedures laid down in the respective tax laws.
When asked for his views on the matter, the FBR’s spokesman and Member Inland Revenue (Policy) Shahid Hussain Asad said that there was no such proposal under consideration at the moment and the audit would continue.
However, other internal sources in the FBR said that tax collection machinery had again been turned into a mode of facilitation by withdrawing different steps taken in the budget to broaden the tax base.
Now the policy of tax rates has been gaining momentum but efforts to broaden the tax base have been compromised, they said.
The FBR is facing a gigantic task to meet its desired tax collection target of Rs 2475 billion in the current fiscal year against a collection of Rs 1936 billion last year.
This requires a growth of over 28 percent which has never witnessed in the whole history of the FBR.
In first four months of the current fiscal year, the revenue collection crossed

Rs 636 billion in the current fiscal year, registering a growth of over 17 percent compared to the same period of the last financial.

In the news item titled “Kalabagh Dam vital for irrigation: Wapda” published on Nov 24, 2013, the former chairman of Wapda Shamsul Muluk was erroneously credited as the serving chairman. The views expressed on Kalabagh Dam are his own and not those of Wapda. The error is regretted.

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