Banks demand reduction in tax rate

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ISLAMABAD: Banks have demanded reduction in tax rate for banking companies in order to boost economic activities in the country.
Senior officials of banks on Wednesday met with Finance Minister Dr. Miftah Ismail to discuss taxation issues and proposals in the budget 2018/2019.
Special Assistant to Prime Minister on Revenue, Haroon Akhtar was also present on the occasion.
The officials shared with the minister proposals concerning the banking sector for consideration and incorporation in the final budget document.
The proposals focus on easing of tax regime for banks as it would help them enhance their financing ability and give a boost to economic activities in the country.
The finance minister said that banking sector has a key role in development of the economy.
It also has an important contribution in promoting the cause of financial inclusion besides providing financing facilities to business community, industrial sector and different commercial activities.
He added that the government would fully encourage and facilitate the banks to bring up new attractive packages and products for the customers.
The finance minister also assured that the government would accord due consideration to the proposals put forth by the banks’ officials and accommodate them to the extent possible.
Senior officials of the Finance Division and Federal Board of Revenue (FBR) were present at the meeting.