KARACHI, May 17: Sindh Minister for Excise and Taxation Rauf Siddiqui has announced introduction of fixed professional tax system to facilitate the trading community and said that necessary legislation would soon be introduced and implemented.

“With the simplifying of the prevailing tax system, the province would accrue immense benefit in terms of realization of taxes and to accomplish this cherished objective, major reforms were being introduced in the prevailing excise and taxation laws and system,” the minister said while speaking at a meeting here on Saturday at his office.

The meeting was attended by members of Karachi, Sukkur, Hyderabad and Larkana chambers of commerce and industries besides all taxes directors.

Rauf Siddiqui informed participants of the meeting that plans are under way to set up industrial zones in the province and in this connection industrial taxes are being simplified and made transparent.

“Under a simple formula, a proposal is under review to realize taxes from industries in accordance with their per acre area or square yard and in this connection suggestions are being sought from traders for provision of all-out facilities to them which would consequently ensure an increased revenue of the tax department” he added.

In response to a an issue indicated by the representatives of the Larkana Chamber of Commerce and Industries, the minister assured them of extending tax relief to industries in the district.

The minister was informed that recovery of more taxes can be made possible by lowering rate of taxes upon which he sought suggestions from members of different chambers.—APP