Prime Minister Shehbaz Sharif on Wednesday declared the business community the “backbone” of Pakistan’s economy and directed maximum facilitation for them to help increase production and boost exports.
Chairing a meeting to review tax reforms and the Federal Board of Revenue (FBR)’s performance, he directed senior officials of the tax body to visit Karachi during the first week of every month to engage with the business community directly and address their concerns.
He emphasized that the government’s objective was to improve the ease of doing business, promote investment and exports, and make the tax system more transparent and simpler to strengthen the confidence of the business community.
In a statement issued by the Prime Minister’s Office, he directed the FBR to work closely with taxpayers and ensure their legitimate concerns were resolved on priority basis. He reiterated that companies complying with tax laws would be officially recognized and encouraged and maintained the national economy was “on the path to stability.” He dubbed the current year as one focused on economic growth and expanding business activity.
During the meeting, officials briefed participants on the implementation of ongoing FBR reforms and measures aimed at improving tax collection. They said production monitoring systems had been installed in the sugar, cement, tobacco, tiles and fertilizer industries, while similar systems were being rolled out in the textile and beverages sectors.
According to the briefing, the monitoring system generated an additional Rs. 42 billion in tax revenue from the sugar industry over the past year, Rs. 38 billion from the cement sector, and Rs. 15 billion from the beverages industry.