PBC urges 2% tax removal on low-margin export items
PBC asks FBR to nab tax evaders through digital tracking; Finance Minister Aurangzeb visits Pakistan Business Council, vows future tax relief amid IMF program focus
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Finance Minister Muhammad Aurangzeb visited Pakistan Business Council (PBC), reported 24NewsHD TV channel on Tuesday.
Pakistan Business Council presented suggestions and demands to the Finance Minister.
Pakistan Business Council demanded that the Finance Minister review the Export Facilitation Scheme and abolish the 2 percent withholding tax on low-margin items.
Tariffs on the purchase of American cotton should be reduced to increase textile exports, PBC demanded.
PBC suggested that the Federal Board of Revenue (FBR) should catch tax evaders through a digital system.
Further, PBC gave suggestions to the Finance Ministry for the export of non-traditional products.
BPC also submitted a report to the Finance Ministry for the improvement of the Make in Pakistan formula.
The Finance Minister assured that the tax burden on the formal sector will be reduced in the future according to the financial capacity.
The government’s first effort is to make the IMF’s last program, Muhammad Aurangzeb said.
Reporter: Basim Iftekhar