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No taxation if it harms industry & weakens sources of revenue generation

No taxation if it harms industry & weakens sources of revenue generation

ISLAMABAD: Special Assistant to PM and Federal Minister for Revenue Haroon Akhtar Khan has said the government has always stood for a just and equitable taxation which boosts the economy. “There is no point of going for taxation if it harms the industry and weakens the very sources of revenue generation.”

He said this while talking to a delegation of the Federation of Pakistan Chamber of Commerce & Industry (FPCCI) which met with him at the FBR House Monday under the leadership of FPCCI President Ghazzanfar Bilour and other office-bearers and members including Karim Aziz Malik, Atif Ikram, Chaudhry Javed Iqbal, Malik Sohail Hussain, Adeel Rauf and Hussain Sabri.

The top hierarchy of FPCCI had come to congratulate Haroon Akhtar Khan on his elevation as Federal Minister, he added. The minister assured the delegation of entertaining every proposal which makes a solid and convincing case for tax relief for the industry or any other sector. “The government fully believes in boosting the industry and we are willing to work with the chambers and industry to ensure a level-playing field to businessmen and investors for earning the rightful profit from of their investments,” he said.

To the concern expressed by the delegation regarding the mode of payment of Sales Tax refunds, the minister said the refunds would continue to be paid through bank accounts to prevent any delay or needless hassles associated with the manual processing. “We started this mode of payment to facilitate the business community and we are committed to doing the same for the future,” he emphasized.

Earlier, the delegation proposed the minister that any amnesty scheme to bring the offshore assets and investments should be inclusive and be extended to the onshore businesses. However such schemes can only be successful if they are implemented in letter and spirit and are inclusive and all-encompassing in nature leaving no weak areas that can be exploited by any quarter.

Haroon Akhtar Khan assured the delegation that the government would always value the suggestions and proposals of the chambers and the business community for firming up any policy measure. He invited the chamber to carry out brainstorming among themselves and come up with sold and practical proposals and recommendations for consideration and incorporation in the next budget to boost the industry and the business.