Govt plans to launch bonds scheme for ex­porters: Ha­roon Akhtar

The Pak Banker - - NATIONAL - Staff Reporter

Ad­vi­sor to the Prime Min­is­ter on Rev­enue, Ha­roon Akhtar said that the govern­ment was work­ing on a bonds scheme for the ex­porters hav­ing re­funds claims against Fed­eral Board of Rev­enue (FBR).

This scheme would be in­tro­duced in the an­nual bud­get for 2016-17 to pro­vide liq­uid­ity to the ex­porters, he said dur­ing an in­ter­ac­tive ses­sion with the mem­bers of Karachi Cham­ber of Com­merce and In­dus­try (KCCI). Th­ese pend­ing claims make a huge amount and cre­at­ing liq­uid­ity prob­lem for the ex­porters of the coun­try.

The PM's Ad­vi­sor also as­sured the busi­ness com­mu­nity that the ex­porters hav­ing re­funds claims up to Rs 5 mil­lion would get pay­ments till March 15, 2016. FBR had al­ready made pay­ments to 90 per cent of this cat­e­gory of ex­porters. Ha­roon Akhtar in­formed that the rec­om­menda- tions by Tax Re­forms Com­mit­tee (TRC) which in­cluded rep­re­sen­ta­tives of the main cham­bers of the coun­try.

A com­mit­tee for im­ple­men­ta­tion of TRC rec­om­men­da­tions had formed and it is headed by him (Ha­roon). For­mer Pres­i­dent KCCI and Chair­man of Busi­ness­men Group (BMG) Siraj Kas­sam Teli de­manded that at least three busi­ness com­mu­nity's rep­re­sen­ta­tives be placed on this com­mit­tee.

The Ad­vi­sor re­sponded that Teli's pro­posal would be se­ri­ously con­sid­ered. Akhtar said that he wanted to bring change in tax sys­tem and wanted to add value to the econ­omy. He urged the busi­ness com­mu­nity to come into tax net and pay taxes so that the rate of taxes could be slashed.

Other well-off peo­ple also must de­clare their wealth hon­estly and pay due taxes. He hinted that the non-fil­ers would have to face strict le­gal ac­tion. "It is very re­gret­table that most pri­vate busi­nesses do not de­clared ac­tual fig­ure of turnover. Even hospi­tals and schools show very nom­i­nal amount of prof­its against their big an­nual earn­ings," he added. He said the govern­ment led by Prime Min­is­ter Muham­mad Nawaz Sharif had suc­ceeded in achiev­ing macro eco­nomic sta­bil­ity in the coun­try.

Now, he con­tin­ued, it wanted real eco­nomic growth and the tar­get for this year was at least seven per­cent. As a re­sult of the bet­ter poli­cies of the govern­ment, the lo­cal and for­eign in­vest­ment was com­ing in dif­fer­ent sec­tors, he said.

He listed the achieve­ments of the fed­eral govern­ment on so­cial and eco­nomic fronts. He said the le­git­i­mate busi­nesses should be en­cour­aged as th­ese also cre­ate new jobs in the coun­try.

To a ques­tion, he said 80 per cent smug­gling from Quetta had been con­trolled by law en­forc­ing agen­cies. Pres­i­dent KCCI Younas M. Bashir, Chair­man, Busi­ness­men Group ( BMG) and for­mer Pres­i­dent KCCI, Siraj Kas­sam Teli, for­mer pres­i­dents KCCI Ha­roon Fa­rooqui and An­jum Nisar ap­prised the Ad­vi­sor of the is­sues re­lat­ing to FBR.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.