ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb has reiterated the government’s resolve to restructure and transform the country’s tax machinery for ensuring an efficient tax system and equitable taxation by introducing people-processed technology and ensuring end-to-end digitalization to end human intervention, bring transparency and reduce corruption, said a press release.
The minister said the government remains committed to raising the country’s tax-to-GDP ratio by broadening the tax base and rationalizing a disproportionate burden on the organized sectors of the economy such as manufacturing and the salaried classes.
He expressed these views during a meeting with Karim Yahi, Global CEO of Coca-Cola who along with Ahmet Kursad Ertin, Regional Director (South Asia and Middle East); Sunay Sanli, General Manager CCI Pakistan; and Syed Omar, Director Corporate Affairs and Sustainability CCI Pakistan, called on the Finance Minister today. Senior officers from the Finance Division and FBR were also present.
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The visiting delegation provided the Minister an overview of CCI’s extensive operations in Pakistan, which include seven state-of-the-art production facilities and substantial contributions to the national economy through investments and the creation of thousands of direct and indirect jobs. They also emphasized their commitment to sustainability and shared their vision for continued expansion of their business in Pakistan.
The finance minister appreciated CCI’s role as a key investor and economic contributor in Pakistan. He commended the company’s efforts to promote sustainable business practices, boost industrial growth, and create employment opportunities across the country.
Highlighting the government’s commitment to fostering an investor-friendly environment, Senator Aurangzeb stated: “The Government of Pakistan deeply values the contributions of multinational corporations like Coca Cola İçecek in strengthening our economy and generating employment. We are committed to ensuring a business environment that promotes innovation, growth, and sustainability.”
Discussions during the meeting touched upon taxation policies and their impact on the beverage sector. The finance minister underscored the government’s commitment to equitable taxation policies that foster economic growth while ensuring sustainable revenue generation.
He expressed appreciation for CCI’s proactive approach in engaging with the government on policy matters, emphasizing that such dialogue is vital to aligning business practices with national economic goals. The Minister reiterated that the Government of Pakistan recognises the importance of maintaining a balanced taxation framework that supports industrial growth while ensuring fiscal responsibility.
The meeting concluded with mutual commitment to a continued stakeholder engagement for better policy framework and exploring collaborative opportunities aimed at promoting sustainable development and fostering long-term economic growth in Pakistan.
Copyright Business Recorder, 2024
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