KARACHI: The American Business Council (ABC) of Pakistan has appreciated the efforts of the government to facilitate taxpayers, ameliorate ease of doing business and incentivise digitalisation of the economy, a statement said on Tuesday.

The council said the government of Pakistan has positively reflected on its policy recommendations and incorporated it in the Federal Budget 2021/22, focusing on broadening the tax base, removal of tax distortions, and ease of doing business, it added.

It also appreciated the government for incorporating its proposals in the budget by reducing the turnover tax from 1.5 per cent to 1.25 per cent, sales tax chargeability at the time of the advance, reduction in withholding tax on distributors from 2 per cent to 0.25 per cent, withdrawal of the federal excise duty on fruit juices, syrups, squashes water, and water containing added sugar for sweetening purposes and removal of the same on the merchant discount rate (MDR) of the digital payment transactions.

In this regard, the executive committee of the council held exclusive, high-profile meetings with Federal Board of Revenue (FBR) chairman Asim Ahmed, Federal Minister of Finance and Revenue Shaukat Tarin, Board of Investment chairman Atif R Bokhari and Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood.

American Business Council of Pakistan president Asif Peer was appointed as a Member of the FBR’s Anomaly Committee, formed to identify and remove the technical and legal anomalies in the Finance Bill 2021.

Peer said that the American Business Council especially appreciated the value added by US Consulate Consul General Rob Silberstein during these discussions.

“The future holds incredible opportunities for the business community and, if the government of Pakistan continues to support in facilitating such inputs and discussions on [the] challenges [being] faced by the economy, more avenues can be unlocked in future through valuable insights and dedication. We are grateful to the government of Pakistan for incorporating our inputs in facilitating taxpayers and incentivising digitisation of the economy.” he added.

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