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Govt to form Tax Policy Board to separate Tax Policy and Collection Systems: Asad Umar

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September 28, 2018: Finance Minister Asad Umar has announced the formation of a Tax Policy Board as the government considers working towards separating the tax policy and tax connection functions, as part its tax reforms to facilitate the taxpayers.

The announcement was made while addressing the business community at the Islamabad Chamber of Commerce and Industry after the inauguration of the newly constructed Export Display Centre (EDC) building of ICCI.

The Minister also promised representation for the business community on the Board for Tax Policy.

Asad Umar said that ICCI should develop a Master Economic Plan of Islamabad keeping in view the natural endowments of this region and share it with the government so that the available endowments of the region could be exploited for the economic development of Islamabad.

He said ICCI should also prepare recommendations to guide the government which types of industries should be set up in the planned Especial Economic Zone in Islamabad. However, he said that Islamabad has good potential for ICT industry as 27 higher education institutes were producing educated youth including IT professionals in the federal capital.

Asad Umar said that the economy was undergoing bypass and would get improved with the efforts of the government. He said government was working on a plan to provide 100-million-gallon water per day to Islamabad that would resolve water shortage issue and would also benefit the local industry in Islamabad. He assured that the government would cooperate with ICCI for new industrial estate in Islamabad.

Speaking at the occasion, Sheikh Amir Waheed, President, Islamabad Chamber of Commerce & Industry said that a new industrial estate was badly needed in Islamabad for industrialization as there was no further space in the available industrial estates for setting up new industries.

He urged that the government should provide suitable land in Islamabad for this project. He said almost 90 percent issues of trade and industry were related to CDA and government should appoint sitting President ICCI as member of CDA Board that would help in the smooth resolution of the key issues of the business community.

He also briefed the Federal Minister for Finance about the purpose of constructing Export Display Centre and hoped that it would contribute towards promoting exports of the region.

Posted on: 2018-09-28T18:32:00+05:00

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