The Federal Board of Income (FBR) briefed the Chinese language delegation on the taxation system of Pakistan.
The delegation confirmed eager curiosity within the practices adopted by the FBR to make the taxation system simpler and result-oriented. The delegation comprising greater than two dozen consultants from completely different departments is on an official go to to Pakistan since March 2. The delegation will keep right here till March 11.
FBR Member Nisar Muhammad Khan gave a complete briefing to the Chinese language delegation on the Pakistani tax system.
In his briefing, he highlighted the historic options in addition to the continued strategy of tax reforms. Whereas mentioning the issues confronted by the tax authorities, he talked about that taxation was a fancy system of greater than 70 distinctive taxes administered by at the least 37 businesses.
On completion of the briefing, a query and reply session was organized and members of the delegation requested quite a few questions, most of them pertaining to prospects of funding in Pakistan and potential taxation associated to overseas funding in Pakistan.
Curiosity of the delegation was clearly on account of Chinese language corporations’ mega investments in Pakistan in infrastructure improvement, communication and power sector.
In his briefing, Nisar additionally talked about that the FBR needs to strengthen ties with China with an goal to study from the very best practices adopted by the Chinese language tax authority.
The delegation will work together with completely different departments and ministries to seek for prospects of additional accelerating the tempo of cooperation.
Issues concerning cooperation within the power sector had been additionally mentioned in a gathering with the Punjab Chief Minister in Lahore. The delegation expressed curiosity in investing in coal energy tasks in Punjab.