Tarin for redoubling efforts to launch taxpayer outreach initiative

Finance advisor seeks plan to support oil companies share prices

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has directed the Federal Board of Revenue (FBR) to redouble efforts for launching a taxpayer outreach initiative to expand the existing tax base and boost revenue collection.

He was chairing a meeting on broadening the tax base by the FBR at the Finance Division here on Monday. FBR chairman, senior officers from FBR and the Finance Division attended the meeting.

The FBR chairman and his team gave a detailed presentation on the progress on readiness for potential taxpayer outreach initiatives to boost revenue growth and resource mobilisation. He apprised the adviser that pragmatic steps have been initiated for the compilation of data with the support of NADRA whereas this data would be available to potential and current taxpayers in a presentable and comprehensible manner through a web portal.

Key challenges to reaching out to potential and current taxpayers, public awareness and confidence-building measures taken by FBR were also discussed in the meeting.

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Separately, Shaukat Tarin also chaired a meeting on dividends to shareholders of the energy sector companies at the Finance Division.

Secretary Petroleum gave a presentation on the issue of dividends by the petroleum listed companies and informed that low dividend payout ratio and mounting circular debt resulted in a significant drop in share prices, which is affecting future growth and long term sustainability of the petroleum listed companies.

The adviser discussed various measures to support the petroleum companies and advised them to make the best use of their resources.

He further directed the Petroleum Division to present a workable plan for the sustainability of petroleum companies in the next meeting.

Moreover, in another meeting, Tarin assured the Pakistan Sugar Mills Association (PSMA) for early resolution of the industry’s problems.

In a follow-up meeting with a delegation of PSMA at the Finance Division, the adviser assured the delegation that the sugar industry’s problems will be resolved as a top priority as the government appreciated the critical role of the sugar industry in the economic progress of the country.

Advisor to the Prime Minister on Commerce and Investment Abdul Razak Dawood, Secretary NFS&R, Secretary Industries & Production, Chairperson CCP, Chief Secretaries of Punjab and Sindh and senior officers attended the meeting.

 

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