Leading commercial Banks of UAE repose full confidence in Pakistan’s economic policies

• According to the Ministry of Finance, these banks included Dubai Islamic Bank, Ajman Bank, Emirates NBD who deals commercially with Pakistan and its Ministry of Finance.
• On the occasion, the Commercial Banks reposed their confidence in current economic policies of the government and assured their continued support for Pakistan.

ISLAMABAD: Minister for Finance and Revenue Ishaq Dar held meetings in Dubai with management of the leading commercial banks of the UAE.

According to the Ministry of Finance, these banks included Dubai Islamic Bank, Ajman Bank, Emirates NBD who deals commercially with Pakistan and its Ministry of Finance.

On the occasion, the Commercial Banks reposed their confidence in current economic policies of the government and assured their continued support for Pakistan.

Meanwhile, President Dr Arif Alvi has said that Pakistan must enhance its tax collection and the tax-to-GDP ratio in order to overcome its perennial financial woes and end its undue reliance on foreign aid.

He was addressing an awareness seminar about the role of the Federal Tax Ombudsman (FTO), at Governor House Lahore on Saturday.

Also Read

FM Bilawal, UAE counterpart agree to further deepen Pak-UAE cooperation

ISLAMABAD: Foreign Minister Bilawal Bhutto Zardari and United Arab Emirates Minister for...

The president urged the need to facilitate tax-payers by dispensing speedy and cost-effective justice to aggrieved taxpayers against the maladministration of tax officials. He said adopting of people-friendly attitude and open-door policy by tax officials would encourage more people to voluntarily become part of the tax-net.

The President underlined the need to end the practice of frivolous litigation by the tax administration against the decisions of FTO in cases where the cost of litigation exceeded the amount of tax involved to save government departments’ time and resources.

He said that taxes are essential for effectively running the governance system. He said business community should voluntarily comply with the tax regime whereas the tax machinery should facilitate the taxpayers and make filing of taxes easier and reduce the cost of tax compliance to further widen the tax base.

The President said that latest IT tools, including complaint management system, web-based chatbots, web portals, and mobile applications, could be adopted to enhance the registration and resolution of tax payers’ complaints.

He also urged FTO to effectively play its role in the resolution of complaints by creating awareness among people about its role and services.

Earlier, the President distributed tax-refund cheques among people whose complaints have been resolved by FTO.