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HomeNewsBusiness community's issues will be resolved: Miftah IsmailI

Business community’s issues will be resolved: Miftah IsmailI

SLAMABAD – Federal Minister for Finance and Revenue Miftah Ismail here on Monday assured business community of addressing their apprehensions regarding taxation on electricity bills.

The delegation requested the finance minister to resolve their issues as this community plays a significantly positive role in the economic development of the country.

The delegation thanked the minister for cooperation and addressing their concerns positively. reducing the price adjustments on a weekly or 10 – day basis from existing fortnightly pricing to minimise price uncertainties.

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The ECC” directed Finance Division and Federal Board of Revenue to submit proposal for generation of Rs 30 billion through taxes within a week”, said an announcement after the meeting.

Talking to delegation of Markazi Tanzeem-e-Tajaran Pakistan headed by its President Muhammad Kashif Chaudary at Finance Division, the min ister assured them of resolving their issue.

The delegation comprised of Sharjeel Mir, Zia Ahmed Raja and Tahir Taj Bhatti, said press statement issued by finance ministry.

Meanwhile, the government has decided to impose additional taxes to the tune of Rs 30 billion as it struggles to arrange Rs100 bn emergency funding to avoid international default on oil and gas payments and keep the staff – level agree ment with the International Monetary Fund ( IMF ) intact.

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Miftah acknowledged the contribu tion of business community in the eco nomic development of the country and assured them that the government would take every required step to facilitate and support this community.

Earlier, president Markazi Tanzeem-e-Tajaran Pakistan apprised the minister about the issues being faced by the busi ness community especially related to taxation on electricity bills.

The decision was taken at a special meeting of the Economic Coordination Committee ( ECC ) of the cabinet presided over by Finance Minister Miftah Ismail.

The meeting was informed that the budgetary commitment with the IMF for Rs153 bn primary budget surplus could not be met without additional taxation.

The ECC also decided to examine It also approved a supplementary budget grant of Rs30 bn for immediate payment to state – run Pakistan State Oil ( PSO ) facing international payment obli gations of about Rs270bn till August 28.

“For the smooth continuity of oil and gas national supply chain and avoid PSO from being default on international pay ments, the ECC decided to clear the out standing payments accumulated during the period of pervious government,” the announcement said.

It also directed the Power Division to make immediate pay ments of the current outstanding amount of Rs20 bn within 24 hours and another Rs12.8 bn by August 4.

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