‘FBR not to form policies on taxation matters in future’

SIALKOT: Adviser to Prime Minister on Trade and Textile Abdul Razak Dawood has said that the government is sincerely trying to take measures to uplift the industrial sector and boost the national exports.

Addressing local industrialists and exporters at the Sialkot Chamber of Commerce and Industry (SCCI) here on Sunday, he said that least attention had been paid for the promotion of industry and exports during the last 10 years. He said that the government truly wished to create ease in business for all the businessmen with minimum hurdles in their way.

Abdul Razak Dawood said that steps were being taken to change functions of the Federal Board Revenue (FBR), which in future would not form policies on taxation matters and would not impose duties as those were the responsibilities of the ministries of finance and commerce. He opined that the FBR must collect revenue only. He said that the government was going to reduce duties against imports of raw materials to be re-exported. He assured that in the near future there would be zero duty against the import of any raw material used in the products to be exported. He said that active consultation would be done with the business community for taxation purpose under the National Tariff Policy.

Abdul Razak Dawood urged the exporters to come forward and try to search new world markets, particularly South American markets, for their top quality goods. He also suggested that the local industrialists must adopt the reverse engineering in order to manufacture new and non-traditional products for exports. He said that the government too would help the exporters in getting access of markets of different regions. Abdul Razak Dawood said that matching grants would be given to revive the Sialkot City Package and to help the local business community accomplish projects of social welfare. He praised the Sialkot's unique export based culture of small and medium entrepreneurs and termed it a great example.

SCCI president Khawaja Masood Akhtar, senior vice-president Waqas Akram Awan, secretary general Malik Tariq Mehmood, Lahore Chamber of Commerce and Industry president Almas Haider, Riazuddin Sheikh, Sarfraz Butt, Alamgir Meyer, Farooq Meyer, Ch Ghulam Mustafa, Khawar Anwar Khawaja, Mian M Anwar and others were also present.