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Dar consults stakeholders on budget-related proposals

May 17, 2014

Finance Minister Senator Ishaq Dar on Saturday presided over a meeting of Tax Advisory Council comprising all stakeholders for consultation on budget related proposals to be incorporated in the financial year.

The meeting was attended by chartered accountants, academia, senior tax consultants, retired senior officers, industrialists, presidents of Federation of Pakistan Chambers of Commerce and Industry, four provincial chambers of commerce and professional associations including ICAP, ICMA, President Tax Bar, Security and Exchange Commission of Pakistan, Pakistan Banking Association, Karachi Stock Exchange, Lahore Stock Exchange and Islamabad Stock Exchange.

The Finance Minister said economic recovery was the top priority of PML-N government and with the introduction of reforms during the last ten months, the economy had been put on the right direction. Now with the hard work, commitment and dedication, all the economic indicators were on the upward trajectory, he added.

He said transparency, merit, openness and good governance remained hallmark of the PML-N government and resolved to make every effort to facilitate the traders by resolving their reasonable demands while keeping in mind the national interest.

He said, "We believe in consulting all the stakeholders, including chambers of commerce, trade bodies, representatives of industries, exporters and importers in the process of budget making."

He informed the traders that he suspended implementation of SRO 351 of 2014 which was issued by the Federal Board of Revenue without his approval.

He said all discriminatory SROs would be abolished in three years and all the stakeholders were working together in this regard. He emphasized on formulation of realistic proposals aimed at ensuring growth in the economy and revenue generation enabling the government for appropriate allocation in development sector and social safety net.

The business representatives discussed in detail their issues and recommendations.

They appreciated the work being done by the Finance Ministry and FBR for SROs rationalization.

The trade representatives appreciated the Finance Minister's sincerity, headwork and dedication for the uplift of country.

The traders also appreciated the minister's personal interest in sales tax refunds up to Rs one million.

According to a Finance Ministry press statement, there was a general sense of satisfaction on the economic policies of the government and expectations that strengthening of rupee will bring positive impact on the country.

Chairman SECP, Chairman Federal Board of Revenue, representatives of chartered accountants firms and senior officials of the Ministry of Finance and FBR also attended the meeting.

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Source: Daily Messenger (Pakistan)

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