ISLAMABAD: Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood on Thursday underscored the need for better collection of direct taxes, which would make room for providing relief to documented sectors of the economy by reducing indirect taxes like sales tax.
In a meeting of the Tariff Policy Board at the Ministry of Commerce, chaired by the adviser, proposals about customs tariffs for the upcoming budget for fiscal year 2020-21 were discussed. Moreover, it deliberated on the economic impact of Covid-19 pandemic and the ways and means to avert financial losses to businesses.
The adviser stressed that due to the negative impact of Covid-19 emergency on the economy, â€œit is imperative to devise policies for growth and progress of all sectors of the economyâ€ .
He emphasised that a win-win situation for everyone including the national exchequer may be created. Meeting participants vowed to rationalise the current tariff regime by analysing the impact of different tariff relief measures taken in previous fiscal years. It was decided that there would be multiple sessions of the Tariff Policy Board and its sub-committee would finalise proposals well in time.