KARACHI, Aug 11: President General Pervez Musharraf would, for the first time, confer National Award on five highest taxpayers on Independence Day.

This was stated by Vakil Ahmed Khan, member Direct Taxes, CBR, while addressing the industrialists of Korangi Industrial Area at KATI office, says a press release.

Vakil Ahmed Khan said that restructuring of the CBR was aimed at providing better facilities to business community. He stressed the need of frequent interaction between the government and the business community to better understand each others problems.

He said that he had asked the regional commissioners and commissioners of income tax that they should not consider themselves as magistrates and the taxpayers as culprits. Instead, they should pay due respect to the businessmen and create friendly atmosphere.

He said that provision of tax holiday and other concessions would not help increase investment. Instead better infrastructural facilities should be provided, which would pave the way for increasing domestic as well as foreign investment.

He said income tax advisory committees were being reconstituted and added that they would be formed before August 31 in which, representatives of trade bodies, including KATI, would be taken.

He said that in order to facilitate taxpayers, Small & Medium Taxpayer Units are being established in Karachi and Large Taxpayers Unit in Lahore. He said that exemption certificates would be issued within 24-hours but they would be valid for one year only.

In reply to a query he said that tax refund is being made on a large scale and up to June 2003, income tax refund stood at Rs19.7 billion.

Speaking on the occasion, KATI Patron-in-Chief S. M. Muneer stressed that the income tax year should close June 30 every year which would be much convenient for the business community.

KATI’s Chairman S.M. Naseer said that high utility charges and lack of infrastructural facilities were the main factors responsible for increasing cost of production which makes it most difficult for the exporters to compete in the international market.

Later, gold medals and shields of the association were awarded to Vakil Ahmed Khan, member, direct taxes, CBR.