Tuesday, November 28, 2023

PM says to facilitate the taxation process to promote business

PM Imran Khan said on Friday that he will facilitate the taxation process to promote business and also the country’s economy to grow.

This was observed by the Prime Minister while he chaired a meeting attended by Minister of Finance Hafeez Shaikh, Minister of Planning Asad Umar, and Minister of Industries Hammad Azhar.

Directors Abdul Razzaq Dawood, Dr. Isharat Hussain, Dr. Waqar Masood, Tabish Gohar, Nadeem Babar, chairman of the investment board, and other senior officials were also present.

The PM also said that the goal of tax reforms was to make the tax code simple, fill in gaps in the system, reduce the discretionary powers of tax collectors and professionals and introduce automation to ensure the transparency of the system.

Besides, PM Imran instructed employees to focus especially on the issue of airline invoices.

However, In the first half of its five-year constitutional mandate, the government made very little progress towards fulfilling 10 electoral promises on tax system reform, ending corruption in the tax machine, and moving towards fairer taxation, a report said.

In the past two and a half years, of the 10 targets related to promised tax reforms, one also has been fully achieved, according to a review of tax reforms under the government of Pakistan Tehreek-e-Insaf (PTI) by the Economic Policy Research Institute of Market (PRIME).

However, PTI had promised voters that it would introduce reforms to the Federal Revenue Service (FBR), expand the tax network through a robust tax policy, an efficient tax administration structure, and an effective oversight mechanism.

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