The Central Board of Revenue Chairman Abdullah Yusuf on Saturday said that the government was not considering to any other tax on stock markets except Capital Value Tax (CVT).
This he told reporters after the meeting with members of All Pakistan Textile Mills Association (Aptma) here. "After CVT, we are not going to impose any other tax on the stock markets," he said, adding that the rumours which were circulating in the stock markets were completely baseless.
He said that his institution was currently passing through the major administrative and other reforms and during this process several extensive policies would be reviewed which would facilitate the local industry besides witnessing improvement in tax collection.
He said that the economy was currently facing the big challenge of trade deficit, which occurred on account of hefty oil bills and other petroleum products'' prices, which are skyrocketing internationally.
The CBR Chairman said that 14 new regional tax units would be established and become operational, besides 80 tax facilitation centres, by the end of 2006.
He pointed out that Pakistan had achieved impressive economic growth during the last couple of years and this had be achieved only due to improved, strong and consistent interaction between the government and the industrialists, besides the industry-friendly policies. Yusuf urged the local and foreign investors to come forward and invest in different sectors of the country without any hesitation as the government had been providing conducive environment and level playing field to potential investors, besides business community.
"The investment in the country has to grow and, for this purpose, the government is formulating comprehensive and investor-friendly policies," he said, adding that the government was interacting with trade bodies and associations for setting and achievement of high targets.
The CBR Chairman informed the Aptma members that cement manufacturers of the country were swiftly planning to expand their production capacity and a handsome growth in this sector would be witnessed in the coming years.
"The country''s cement manufacturers are working to enhance their production capacity to 40 million tons, which is currently 18 million tons," he said and added that this development could be seen within the next couple of years.
He said that by introducing zero-rated sales tax regime, different sectors had sucked in some Rs 40 billion this year.
Yusuf said that the National Trade Corridor (NTC) would play a major contribution towards the country''s economic growth and this corridor would shorten the trade route from ports to upcountry.
He admitted that tax-to-GDP ratio of the country was still lower than other regional countries.
Earlier, Aptma Chairman Ahmad Kuli Khan Khattak underlined the needs and requirements of textile industry, and said that Aptma would need 18 million cotton bales for consumption by the spinning industry shortly.
"We urge the government to ensure availability of cotton to the industry at reasonable prices throughout the year and develop such varieties of cotton that are resistant to diseases, and enhance per acre cotton yield," he said.
Khattak said that the involvement of private sector in research and development of cotton would yield better results and the government should encourage its participation in this area.
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