Fair and transparent tax system is in everyone’s best interest: Tariq Sadiq

Business News English General

Islamabad, June 04, 2021 (PPI-OT):Federal Tax Ombudsman (FTO) Mushtaq Ahmad Sukhera on Friday said minimizing human involvement in the tax system through automation will reduce complaints by the taxpayers which is necessary for rapid economic development. Taxes play a key role in making growth sustainable and equitable, especially in the context of the pandemic as more resources are needed to provide relief to the masses, he said.

FTO said that and efforts are underway to resolve complaints, fight tax evasion, discourage under-invoicing as well as over-invoicing, deter mis-declaration and check misuse of various import and export schemes, he said. Talking to a delegation of Islamabad Industrial Association (IIA) led by its President Tariq Sadiq, Mushtaq Ahmad Sukhera said that many underdeveloped countries are still struggling to collect sufficient revenues to finance their development as a minimum of 15 percent of GDP in taxes is a must to meet the basic needs of the citizens and businesses.

Four thousand cases were resolved in 2020 and the business community received refunds worth eight billion rupees with the help of FTO, he said, adding that we can take up suo moto cases, send policy recommendations to FBR, and try to tackle root causes of problems for the benefit of all stakeholders. He said that eighty percent of cases are being resolved through mutual understanding while implementation of FTO orders by concerned departments is 87 percent, Mr. Sukhera added.

Mr. Tariq Sadiq thanked FTO Mushtaq Ahmad Sukhera, Secretary FTO Secretariat Dr Arsalan Sobuctageen and Adviser Inland Revenue Ms. Mehboba Razzaq and apprised them of some issues confronting industrialists and gave some implementable suggestions to improve the overall investment situation.

SVP of IIA Omais Khattak, VP Shaukat Hayat, Shaukat Masood, Amir Waheed, Usman Khalid, Atif Ikram, Muhammad Ahmed and Chairman Coordination Malik Sohail Hussain was also present at the occasion. They said that sense of fairness is very important in creating a system businessmen are willing to work resulting in reduced tax disputes.

A fair, equitable, and transparent tax system is in everyone’s best interest as it removes uncertainty and promotes trust between taxpayers and tax collectors, they added. The delegation lauded the role of FTO in resolving tax-related complaints and hoped that the institution will go a long way in serving the business community.

For more information, contact:
Islamabad Industrial Association (IIA)
Islamabad, Pakistan
Tel: +92-333-5148181

The post Fair and transparent tax system is in everyone’s best interest: Tariq Sadiq appeared first on Business News Pakistan.