A high-level meeting chaired by Prime Minister Shehbaz Sharif was held for the continued reforms in the Federal Board of Revenue (FBR) and enhancement of the tax system with a focus on the various industrial sectors, including tax collection and introduction of a modern monitoring system.
During the meeting, the officials briefed the prime minister on the performance of the FBR and progress of the reform projects. The sugar, cement, tobacco, tiles and fertiliser sectors are now fully production-monitored, and the process of introducing the same system to the textile and beverage industries is also underway fast, it was informed in the briefing.
Under the modern monitoring system, a huge jump in tax revenue collection was observed in the last one year, according to officials. It stated that Rs 42 billion has been collected from the sugar sector, Rs 38 billion from the cement industry and Rs 15 billion from the beverage industry, which were seen as positive results of the reform measures.
Addressing the meeting, Prime Minister Shehbaz Sharif said that the role of the business community is of fundamental importance in the country’s economic stability; therefore, providing maximum facilities to industrialists and traders is among the priorities of the government. He reiterated that promoting business activity will boost investments, production, and export.
The Prime Minister directed the FBR to keep in touch with the business community and ensure their work on a priority basis to solve their legitimate issues. He also instructed senior officers of FBR to go directly to Karachi to meet the traders and industrialists in the first week of each month and act promptly on their complaints and suggestions.
The government will inculcate the habit of tax payment in a positive way and will give a boost to those companies that adhere fully to tax laws at the government level, said Shahbaz Sharif. He explained that the government’s goal is to create a more transparent, simple and business-friendly tax system, thereby continuing to build the confidence of investors and the business community and advancing national development toward sustainability.