LAHORE: Federal Board of Revenue (FBR) Chairman Dr. Jehanzeb Khan has said that FBR reforms are one of the top priorities of the government for trust building.
He said this while addressing industrialists and businessmen in Lahore. He said that litigation is nothing else but a waste of time and capital. He said that alternative dispute resolution mechanism is being promoted to settle the issues out-of-court. He said that Lahore Chamber will be FBR’s partner in this regard. He said that Tax-to-GDP ratio would have to be improved.
The LCCI President said that the exemption from the payment of Sales Tax on imported plant and machinery for Greenfield projects in the Mini-Budget should also be granted to the brownfield projects for Balancing, Modernization and Replacement of existing units.
For the hand-holding of SME sector and enabling it to realize its true potential, the Government should announce a five year Tax Holiday for the new SMEs. He said that prior notice should be served before the visit of Tax Officials on the premises of business community.
Provincial Minister Mian Aslam Iqbal said that draft of industrial policy has been approved by the cabinet. Work on Quaid-e-Azam Apparel Park on 1500 acres and Special Economic Zones is well on the way. Cabinet has also passed labour deletion policy while rules and regulations for land lease policy would be forwarded to the cabinet for approval soon.