ISLAMABAD: Federal Board of Revenue Member Facilitation and Taxpayers Education (FATE) Wing Nausheen Javaid Amjad has said increased trade flow and greater business activities would help broaden the tax base, increase revenue collection and improve tax infrastructure along modern lines.
She made these remarks while dilating on the “Challenges of Taxation in CPEC-related Projects” at a three-day seminar held at National University of Sciences and Technology (NUST) under the title “CPEC – Harnessing the Opportunities and Addressing the Challenges”.
The seminar was attended by policymakers, industrialists, entrepreneurs, Chinese officials and leading academics. In her keynote address to the seminar, Member FATE gave the audience a detailed presentation in a highly interactive session, highlighting the challenges FBR is facing and possible measures that could help build a future laced with development and inclusive economic growth for the country. Member FATE emphasized the availability of potential opportunities through bilateral cooperation in the region.
The creation of Special Economic Zones (SEZs) will play a key role in bringing foreign investment, promoting industrial growth, job creation and improving competitiveness and efficiency of the local industry. She stressed to bring in effective monitoring of imports and exports to minimize smuggling and pilferage through implementation of latest technology such as Radio Frequency Identification Devices (RFIDs), E-tagging along with an alarm system to notify of any anomalies in the operations process. Responsible Data Management would help in making the monitoring process more robust, ensuring that the interests of the local industry are safeguarded.
She shared that FBR has formed a Joint Tax Working Group that will work in collaboration with the Chinese side to iron out potential tax anomalies and issues. She emphasized that in order to fully reap the benefits of CPEC, all the stakeholders have to work together to ensure that every possible facility to improve ease of doing business is made available, helping Pakistan create an enabling environment for sustained growth.