Finance Minister Ishaq Dar has asked the Tax Reforms Commission (TRC) to finalise an interim report on its deliberations and outline important proposals for consideration of the government. Speaking at the concluding session of the two-day TRC meeting here Tuesday, Dar said he wanted the commission to bring forth an interim report on its deliberations and outline important proposals for consideration of the government.
Dar emphasised that significant recommendations by the commission would be reflected in the budget 2015-16 and therefore it was imperative for the commission to finalise its report before deliberations for the budget starts.
Briefing the minister, the Chairman of the Tax Reforms Commission, Masood Naqvi, said the commission had detailed deliberations on various aspects of the tax collection, public facilitation matters and administrative/structural changes required to revamp the tax collection system as a whole.
He added that six specialised committees dedicatedly worked and held a number of meetings, maintaining close liaison and interaction in putting forth proposals for tax reforms. The areas the committees covered included tax policy, indirect and direct tax collection, border security/anti-smuggling measures, expansion of tax base and tax facilitation of taxpayers.
Naqvi maintained that the commission met important business houses, chambers of commerce, Pak Business Council, professionals and all major stakeholders. He further stated that the next meeting would be held on January 17 and a week afterwards, recommendations of the commission would be finalised.
Dar gave a brief review of the government's measures to put the economy on the right track, a fact which has been internationally acknowledged. He said, enhancement in revenue collection was also part of government's vision for an economically strong Pakistan and reforms were meant to help achieve the objective. The minister also added that the government had passed on the full benefit of the fall in oil prices to consumers staving off the strong urge to use this benefit to lessen fiscal deficit or retiring circular debt. He wished the commission will formulate recommendations for reforms in the tax system.
Later, talking to media, Dar expressed heartfelt grief and sorrow over the death of school children and staff in Peshawar. He said the Prime Minister has directed him to contact leaders of all the political parties for an emergency meeting in Peshawar (today) Wednesday. Dar said he had already initiated contacts in this regard and Pakistan Tehreek-e-Insaf (PTI) Chief Imran Khan has also been invited to attend the meeting. He said talks with PTI have been postponed in view of this tragedy.
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