HYDERABAD: Speakers at a webinar have said that the stability and progress of national economy depends on an efficient tax collection system based on justice and covering all income groups. They called for reducing non-development expenditures, increasing exports and reviving sick industries.
The webinar was organized by Sindh University's Pakistan Study Centre in collaboration with Islamia University Bahawalpur which was presided over by the Vice-Chancellor University of Sindh Professor (Meritorious) Dr Muhammad Siddique Kalhoro.
In his presidential remarks, the Vice-Chancellor said that the webinar on tax reforms had raised participants' understanding regarding tax-system and new initiatives taken by the government. He said these initiatives will further contribute in improving tax system and over all documentation linked with economy.
He stressed the need for supporting the industry by overcoming energy shortages, reducing finance costs and curbing inflation. "Policies for economic revival should be key features of the next budget", he said.
Director Pakistan Study Centre Professor Dr Shuja Ahmed Mahesar said earlier in his Welcome address that the idea of organizing webinar on tax reforms was aimed at enabling faculty members, students and employees belonging to Accounts and Finance Section to know about reforms and new changes introduced by the Government.
He stressed the need to create awareness about the importance of tax culture for economy of the country and said that fair distribution of resources collected through taxes could reduce socio-economic disparities in the country.
The guest speaker was Commissioner Inland Revenue Multan Naib Pathan who talked about concept, history and purpose of tax collection.
The speaker explained government's vision, legislation process and issues in administration pertaining to tax.
He also highlighted the challenges faced by federal board of revenue (FBR) during tax collections from the bigwigs.
He further said that higher tax collection could only be achieved with a growing economy and similarly devaluation of the rupee alone could not help increase exports without broadening the industrial base.
The commissioner said devaluation of the rupee exports could not be enhanced therefore it was equally important to consolidate industrial activity for achieving growth in exports.
He observed that the industrial base of the country on the contrary had shrunk rather than recording growth.
Copyright Business Recorder, 2021
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