Another step: Tax forum establishment welcomed

KARACHI: Lasbela Chamber of Commerce and Industry (LCCI) President Ismail Sattar and Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Vice-President Shaukat Ahmad have welcomed the setting up of Asia-Pacific Tax Forum, under the aegis of United Nations Economic and Social Commission for the Asia and the Pacific (ESCAP). The forum may want countries like Pakistan to work on harmonisation of the tax regime and tackle tax evasion and tax fraud issues. He said revenue collection could increase in countries like Pakistan provided revolutionary steps like imposition of income tax in the agriculture sector. He said in order to attract foreign and local investment, the discount rate has to be brought down. Broadening the tax base will bring increase revenue and bring down the discount rate that will induce industrial investment and facilitate the government to pay less mark-up on outstanding loans.

Published in The Express Tribune, August 9^th, 2014.

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