Lahore : With the stability in the law and order situation in Pakistan and the completion of various CPEC projects more and more local and international businesses have either directed their attention towards doing business in the country or have already decided to expand their businesses.
These remarks were stated by chairman PRA Dr. Raheal Ahmed Siddiqui at an event conducted at a local hotel as part of TAX DAY celebrations.
The event was also attended by Javed Ahmed (Member Operation PRA), Ali Mansoor (Commissioner Appeal PRA), Aman Anwar Kadwai (Additional Commissioner PRA), Salman Zafar (Director IT PRA) and delegates of Institute of Chartered Accounts of Pakistan, Pakistan Tax Bar, Lahore Chamber of Commerce and Industry, Overseas Investors of Commerce & Industry, Department of International Development, Pakistan Business Council and delegation from all provincial authorities including the FBR.
Dr. Raheal Ahmed Siddiqui said that the registration of new businesses in both federal as well as provincial revenue authorities have been increasing with every passing day and the implementation of local tax laws are more necessary than ever.
To comprehend new challenges i.e. tax evasion, facilitating tax payers, understanding of tax laws, increase of tax revenue, etc., more deliberate effort should be made by all the competent authorities to work together and resolve all issues including issue of double taxation, input adjustment and sharing of data,chairman PRA added.
Since the introduction of PRA as provincial revenue collecting agency in 2016 it has proved its existence by conducting tax clinics for different sectors and registering new tax payers while inducting new smart systems like RIMS, STRIVE, E-Courts into its portfolio,he maintained.
The chairman said that PRA as a tax revenue collecting authority has not only in the past achieved its revenue targets but is on course to achieve a new tax revenue target for current year where it stands at a 9 months high revenue of Rs.75 billion, which is 50% higher than previous year for the corresponding time period.
Chief guest Dr. Hafeez Pasha during his speech shed light on the need for harmonization amongst all revenue collecting agencies to attract more local and foreign businesses.
He praised PRA in introducing a transparent tax system in a very short span of time. He also advised the authorities to gain the confidence of the businessmen before implementing any new taxes so that fewer implications are faced and more revenue can be generated.
He praised PRA’s initiative towards conducing Tax Clinics for different sectors as he thinks this helps gain trust of the industrialist but advised the government to make business friendly policies. He also applauded PRA’s initiative of introduction RIMS like monitoring system for different sectors as he thinks it shall not only help increase tax revenue but assist in curbing tax evasion.
During the meeting representatives of ICAP, PTB, OICCI, LCCI and PBC presented their concern, issues and ideas to the authorities for the betterment of the tax system. They stressed the need for a broad based policy, directly focused towards the ease of rules and regulations for the industry.
They also appreciated PRA’s effort for conducting such events under Tax Day celebrations and advised the authority to repeat such meetings every year as it helps create a conducive environment for a healthy discussion and resolution of issues.
As stated by President LCCI Tahir Malik a lot of services are a reason of disputes between FBR and PRA which needs to be resolved and as a recommendation he suggested the merger of excise and taxation, board of revenue and Punjab revenue authority while introducing one window operation.