LAHORE:
Tax Policy Office Director General Najeeb A Memon has said that the government’s economic strategy focuses on strengthening the industrial base and increasing exports. In this regard, tax reforms are being developed to make the system business-friendly, encourage investment and reduce production costs.
Speaking at a meeting at the Lahore Chamber of Commerce and Industry (LCCI), he said several reforms were under consideration, including super tax, social contributions, minimum tax and a new trader scheme, to make the tax system simpler, fairer and more effective while expanding the tax base.
Memon pointed out that the Tax Policy Office had been created to separate policymaking from tax collection, allowing independent and professional policies to align with national economic goals.
The tax office aims to simplify income tax, sales tax and federal excise laws, eliminate unfair differences and close loopholes that allow tax evasion. For this, close collaboration with the business community is being encouraged to identify practical challenges and competitive imbalances for policy reforms.
He said transparency, inclusiveness and trust were the core values of the Tax Policy Office and all policies would be formulated after consulting all stakeholders, including the business community. “The government wants to share its proposals with businesses before budget to ensure transparent dialogue and present actionable suggestions for parliamentary approval.”
Despite financial constraints under the IMF programme, Memon mentioned, opportunities were being explored in manufacturing, digitalisation, ICT and new industries. He called on chambers of commerce to provide suggestions to boost industrial growth and exports.
The DG added that options were being mulled to gradually reduce or eliminate super tax and a new trader scheme was being designed to simplify registration and restore trader confidence.
