Increased CPEC-trade flow, business activity to boost revenues: FBR

Member Facilitation and Taxpayers Education (FATE) Wing Federal Board of Revenue (FBR), Ms. Nausheen Javaid Amjad Monday says that increased trade flow and greater business activity would help broaden the tax base, increase revenue collection and improve tax infrastructure along modern lines.

She made this statement while dilating on the “Challenges of Taxation in CPEC-related Projects” at a three-day seminar held at National University of Sciences and Technology (NUST) under the title “CPEC – Harnessing the Opportunities and Addressing the Challenges”.

The seminar was attended by policymakers, industrialists, entrepreneurs, Chinese officials and leading academics.

The Member FATE in her presentation highlighted the challenges FBR was facing and possible measures that could help build a future laced with development and inclusive economic growth for the country.

Member FATE emphasized the potential opportunities through bilateral cooperation for the region.

The creation of Special Economic Zones (SEZs) would play a key role in bringing foreign investment, promoting industrial growth, job creation and improving competitiveness and efficiency of the local industry.

She stressed to bring in effective monitoring of imports and exports to minimize smuggling and pilferage through implementation of latest technology such as Radio Frequency Identification Devices (RFIDs), E-tagging along with an alarm system to notify of any anomalies in the operations process.

Responsible Data Management would help in making the monitoring process more robust, ensuring that the interests of the local industry are safeguarded.

She shared that FBR had formed a Joint Tax Working Group that would work in collaboration with the Chinese side to iron out potential Tax anomalies and issues.

She emphasized that in order to fully reap the benefits of CPEC, all the stakeholders have to work together to ensure that every possible facility to improve ease of doing business was made available, helping Pakistan create an enabling environment for sustained growth.