LAHORE: Assistant to Prime Minister on Revenue Haroon Akhter Khan said on Friday that the Tax Amnesty Scheme is a big breakthrough and it would help expand the tax net as the revenue collection had always been remained under pressure due to various reasons.
He was speaking at the Lahore Chamber of Commerce and Industry along with Minister of State for Finance and Economic Affairs Rana Muhammad Afzal Khan.
Haroon Akhter said that the government has made reasonable progress at the economic fronts and took bold decisions in the larger interest of the economy. He said that consultation has been made with the stakeholders at vast scale to make the upcoming budget friendly. He said that the business community has been given relief in rules and regulations wherever it was possible. He further said that people having taxable income should give tax as that would reduce the burden on existing taxpayers. He added that the government has taken measures to document the real estate sector.
State Minister for Finance and Economic Affairs Rana Muhammad Afzal Khan said that industrial growth is a must for progress and that the government has formulated the budget for long-term benefit. He said, “We are trying to enhance revenue by improving the existing tax recovery system in the country. The attitude of the tax collection machinery should be friendly with the business community,” and added that systematic efforts are being made to fill the gap between taxpayers and tax collectors.
Rana Muhammad Afzal Khan 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 further said that CPEC besides promoting the other sectors of the economy will help promote the agriculture sector.
LCCI President Malik Tahir Javaid while speaking on the occasion termed the introduction of broad-based tax reforms in Pakistan imperative for countries progress. He said that there is a dire need of harmony among the provincial and federal tax collecting agencies.
Projects like CEPC have the potential to stimulate the local economy by increasing the demand of locally manufactured goods, he said and added that such increase in demand would not only allow full utilisation of existing manufacturing capacity but would also encourage manufacturers to increase their capacity.
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.