Business

Government’s Fiscal Measures Boost Investors’ Confidence: ABC

Karachi, July 14, 2021: The American Business Council (ABC) of Pakistan has appreciated the efforts of the Government to facilitate taxpayers, ameliorate ease of doing business and incentive digitization of the economy. The Council is delighted to note that the Government of Pakistan has positively reflected on government’s fiscal measures policy recommendations regarding the taxpayer’s base, which will be incorporated in the Federal Budget 2021 – 2022.

A comprehensive publication of collated and categorized proposals was submitted for consideration to the Government of Pakistan. The recommendations focused on the broadening of the tax base, removal of tax distortions, and ease of doing business.

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The Executive Committee of the Council held exclusive, high-profile meetings with the government representatives including Chairman of Federal Board of Revenue, Mr. Asim Ahmed, Federal Minister of Finance, Mr. Shaukat Tarin, Chairman Board of Investment, Mr. Atif R. Bokhari and Adviser to the Prime Minister on Commerce and Investment, Mr. Abdul Razak Dawood.

President of The American Business Council of Pakistan Mr. Asif Peer was appointed as a Member in Federal Board of Revenue’s Anomaly Committee, formed to identify and remove the technical and legal anomalies in the Finance Bill 2021.

Government of Pakistan appreciated the efforts and valuable input of the Council, and incorporated ABC proposals of Reduction in turnover tax from 1.5% to 1.25%, Sales tax chargeability at time of the advance, Reduction in withholding tax on distributors from 2% to 0.25%, withdrawal of FED on fruit juices, syrup, squashes water, and water containing added sugar for sweetening purposes and Removal of Federal Excise Duty (FED) on MDRportion of digital payment transactions, in the Federal Budget 2021 – 2022.

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On expressing his gratitude, Mr. Asif Peer, President ABC, shared, “ABC extends its gratitude to the Government of Pakistan and functionaries for their endless time and support, especially the Chairman of the Federal Board of Revenue, Mr. Asim Ahmed, Federal Minister of Finance, Mr. Shaukat Tarin, Board of Investment Chairman, Mr. Atif Bokhari, Advisor to PM on Commerce and Investment, Mr. Abdul Razzak Dawood. The ABC especially appreciates the value added by the Consul General, Mr. Rob Silberstein, at the US Consulate, during these discussions.”

The team of ABC strongly feels “The future holds incredible opportunities for the business community and if the Government of Pakistan continues to support in facilitating such inputs and discussions on challenges faced by the economy more avenues can be unlocked in future through valuable insights and dedication. We are grateful to the Government of Pakistan for incorporating our inputs in facilitating taxpayers and incentivizing digitization of the economy.”

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