National Tax Council meets to harmonize taxes

The first meeting of the National Tax Council (NTC) was held on Wednesday to harmonize taxes and reduce cost of doing business in the country.

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Federal Minister for Finance and Revenue, Shaukat Tarin presided over the NTC meeting, according to press statement issued by the finance ministry.

Speaking on the occasion, the finance minister stressed upon the need for greater cooperation between the federal and the provincial governments in matters relating to harmonization of general sales tax (GST).

He expressed the hope that under the NTC umbrella, both the federal and provincial governments would move towards the harmonizing taxes across the multiple jurisdictions so as to facilitate the businesses and reduce the cost of doing business in Pakistan.

Tarin urged the participants to work together on the pending taxation matters so that an arrangement relating to harmonization of GST amongst provinces and the federal government could be finalized at the earliest.

On the occasion, the Finance Secretary highlighted the TORs of NTC and the progress achieved so far whereas the Federal Board of Revenue and the respective provincial finance departments gave a productive and positive input on various taxation issues which came under discussion.

The provincial finance ministers welcomed the initiative of the federal government and assured to move ahead under the umbrella of NTC for the betterment of the country and to build a progressive economy.

Among others, the meeting was attended by Finance Minister Punjab, Makhdoom Hashim Jawan Bakht, Finance Minister Khyber Pakhtunkhwa, Taimur Khan Jhagra; Finance Minister Baluchistan, Secretary Finance Sindh, Chairman, Sindh Board of Revenue, Secretary Finance Division, Chairman FBR and other senior officers.

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