ISLAMABAD : The Apex Committee of Special Investment Facilitation Council (SIFC) has directed Minister for Finance, Senator Muhammad Aurangzeb to take up inequitable taxation, that is currently focused on revenue generation instead of long-term growth in the National Tax Council (NTC), in collaboration with Chairman FBR after devising a strategy and systematic action plan to facilitate equitable taxation that promotes justice and equity for citizens in all domains.
Sources told Newzshewz that this issue has recently been discussed at the meeting AC of SIFC, presided over the Prime Minister and attended by the Chief of Army Staff, Chief Minister of provinces and other high ranking officials.
The forum also highlighted the negative impact of Infrastructure Development Cess, imposed provinces, on the growth and exports of the country adding to the cost of doing business and burdening the investors / businessmen. Chief Minister Balochistan intimated that provincial government has already waived off the cess in the province.
Chief Minister, Punjab, KP and Sindh also agreed to reconsider and eliminate the infrastructure development cess in the respective provinces.
The forum also decided that Minister for Petroleum will collaborate with the provinces for devising a cost-effective formula that enables effective mixing of LNG with CNG to ensure uninterrupted gas supply to local industry at regionally competitive tariff.
Minister of State for IT & Telecommunication has been directed to devise an action plan for establishment of provincial digital authorities in collaboration with all provinces including resource requirements and prerequisites.
Minister Power, Sardar Awais Leghari has been directed to define a way forward and action plan for tariff Rationalization and formulate a strategy to utilize the surplus stock of power available at various times of a year for Greenfield and Brownfield projects including SEZs.
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