Alvi for curbing luxury items’ import
President signs ordinance approving tax amnesty scheme
President Dr Arif Alvi said on Wednesday the government is taking utmost measures to promote a business friendly environment in the country. Talking to a delegation of businessmen, led by Pakistan Textile Exporters Association Khurram Mukhtar in Islamabad, he said the country’s prevailing economic condition warrants tough decisions but the government is committed to improve the economy.
President Alvi stressed the need for cutting trade deficit by curbing import of non-essential and luxury items. The government is also striving to reduce the cost of doing business and has introduced sales tax zero-rating regime for five export oriented sectors including textile, leather, carpets, surgical and sports goods, he said.
Alvi emphasised that investment in research & development and human resource of textile sector, in which Pakistan enjoys comparative advantage, is essential for the economic revival. He called upon the business community to play its active role in encouraging businesspersons to pay all their taxes so that budget deficit could be reduced and more funds could be allocated for development work. He reiterated that a synergy of all economic sectors must be ensured to solidify the gains that the country has already made and to explore opportunities for further growth.
Meanwhile, President Arif Alvi on Wednesday signed off on the ordinance confirming the extension in the tax amnesty scheme. A day earlier, the amnesty scheme was approved in a session of the federal cabinet chaired by Prime Minister Imran Khan in Islamabad. The tax amnesty scheme allows citizens to declare previously undisclosed assets in a bid to identify high earners for more efficient tax collection