Ashfaq for addressing key issues of business community

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By Asad Cheema

ISLAMABAD: Member (Inland Revenue-Operations), FBR Dr.Muhammad Ashfaq Ahmed has said that business community was playing important role in the economic development of the country and efforts would be made to
address their key issues in order to facilitate them in business promotion.
He was talking to President Islamabad Chamber of Commerce & Industry (ICCI) Muhammad Ahmed Waheed who along with former Senior Vice President ICCI and Chief Coordinator UBG FPCCI Malik Sohail Hussain held meeting with him in
office on Tuesday and discussed with him tax related issues of business community for redress.
Dr. Muhammad Ashfaq Ahmed lauded the role of ICCI in facilitating the growth of business activities as it was acting as a bridge between the government and the private sector. Member (IR-Operations), FBR was of the view that the close liaison and smooth working relations between FBR and ICCI were important to resolve issues and generate more economic activity in the region. He also shared the various initiatives being taken by the government to further improve the taxation system for promoting the economy.
Speaking at the occasion, Muhammad Ahmed Waheed said that FBR should focus on complete automation of income tax, sales tax and customs duty refunds for timely payment of all refunds that would address the liquidity issues of
business community and help in promoting exports. He also discussed the issue of Sec-8B of Sales Tax Act that allowed adjustment of input tax amount of only 90 percent of the output tax for a period and emphasized that FBR
should allow adjustment of input tax amount of the 100 percent of output tax to facilitate the business community in these tough time.
President ICCI said a facilitation desk of Pakistan Customs has been setup in ICCI that would help in resolving customs related issues and further strengthen the relations between both sides. He discussed many options with
Member (IR-Ops) FBR for broadening the tax base in order to further enhance the tax revenue of the country. Former Senior Vice President ICCI and Chief Coordinator UBG FPCCI, Malik Sohail Hussain expressing his views said that a taxation system characterised by low compliance cost and low tax rates would be instrumental in promoting tax culture and improving tax revenue of Pakistan and stressed that FBR should work on these lines.