Govt plans to set up tax policy board

Assures ICCI of cooperation in establishing new industrial estate

ISLAMABAD: Federal Minister for Finance Asad Umar has said that the government is working to separate tax policy and tax administration as part of reforms to facilitate taxpayers.

He said a tax policy board would be constituted and the business community would also be given representation in it.

He was speaking at the Islamabad Chamber of Commerce and Industry (ICCI) after inaugurating the newly constructed Export Display Centre (EDC).

Umar urged the ICCI to develop a master economic plan for Islamabad keeping in view the natural endowments in the region and share it with the government so that available resources of the region could be exploited for the capital city's economic development.



"The ICCI should also prepare recommendations to guide the government on which types of industries should be established in the planned Special Economic Zone in Islamabad," he suggested.

"Islamabad has a good potential for the ICT industry as 27 higher education institutes are producing educated youth including IT professionals in the federal capital."

Umar added that the economy was undergoing a 'bypass' and would improve through government's efforts.

"The government is working on a plan to provide 100 million gallons of water per day to Islamabad which will resolve water shortage and benefit the local industry," he stressed and assured businessmen that the government would cooperate with the chamber in establishing a new industrial estate in Islamabad.



Speaking on the occasion, ICCI President Sheikh Amir Waheed emphasised that Islamabad was in dire need of a new industrial estate for promoting industrialisation as there was no space available in existing industrial estates for setting up new industrial units. He urged the government to provide a suitable land for the project.

"Almost 90% issues of trade and industry are related to the Capital Development Authority (CDA)," he remarked. "Government should appoint sitting ICCI president as member of the CDA board which will help resolve key issues of the business community."

He also briefed the finance minister about the purpose of constructing the Export Display Centre and voiced hope that it would contribute to promoting exports from the region.