KARACHI: Finance Minister Asad Umar has assured the business community of rationalizing tax regime for commercial importers and industry.
He gave this assurance at a meeting with a delegation of Karachi Chamber of Commerce and Industries (KCCI) in Islamabad, said a release issued by KCCI on Tuesday.
The commercial importers were treated under final tax regime and allowed audit exemption on the payment of six percent withholding tax but in the federal budget 2018-2019, this regime was replaced with minimum tax.
Federal Minister for Petroleum, Ghulam Sarwar Khan and Minister of state for Revenue, Hammad Azhar were also present on the occasion.
Finance Minister Asad Umar said the Government has a deep resolve to facilitate the business community and simplification of tax procedures was one of them.
He said the tax related matters as highlighted by the KCCI delegation would be accorded due consideration by the Federal Board of Revenue (FBR) in the light of relevant rules and resolved to the extent possible.
The delegation thanked Asad Umer, Ghulam Sarwar Khan, Razzaq Dawood and Hammad Azhar for their agreement on KCCI proposals and assuring to implement them in letter and spirit.