Finance Adviser assures businessmen to accommodate suggestions

ISLAMABAD: Adviser to the Prime Minister on Finance, Revenue and Economic Affairs Dr. Abdul Hafeez Shaikh on Thursday assured the business community for accommodating their suggestion in Federal Budget 2019-20 to promote trade and business for the fast track economic development of the country.

A delegation of Federation of Pakistan Chamber of Commerce and Industry (FPCCI), led by its President Engineer  Daroo Khan Achakzai and All Pakistan Textile Mills Association held separate meetings with the Adviser to the Prime Minister on Finance.

Welcoming the delegations, the Adviser briefed the participants about the economic priorities of the government and informed that the government had taken austerity measures by reducing its expenditure upto Rs50 billion as well as making 10% decrease in the salary of the Prime Minister and his Cabinet members.

Spelling out the priorities of the government, the Adviser said that initiatives had been taken to curb external deficit and fiscal deficit by reducing the expenditure and enhancing the revenue of the country.

He urged the business community to support the government in its endeavours to boost the economy.

The delegations apprised the adviser of their problems and proposed a range of suggestions, which the Adviser assured to be accommodated.

The meeting approved the demand of business community to develop criteria in which a person is not repeatedly selected for audit without any definite information about tax evasion.

In order to facilitate the business community, Chairman FBR assured that a new system of refund would be introduced to issue refund to the exporters at the time of export.

The meeting agreed to streamline Duty and Tax Remission Scheme (DTRE) system for the importers so as to discourage misuse, if any. The meeting agreed that no action would be taken against the taxpayers on the basis of any wrong information with respect to CNIC.

However, the condition of CNIC, for invoice, will be continued with an object to document the economy.

Regarding the commercial imports, the meeting approved the proposal of the business community to do away with presumptive tax on commercial imports.

The members of FPCCI and APTMA thanked the Adviser for accommodating their proposals.

Among others, the meeting was also attended by the Adviser to PM on Commerce, Textile, Industry and Production and Investment, Abdul Razak Dawood, Secretary Finance, Naveed Kamran Baloch, Chairman, FBR, Shabbar Zaidi and other senior officials of Finance Ministry.