KARACHI: The vastly improved macroeconomic parameters will provide a launch pad for growth-oriented economic policies in the upcoming budget, Special Assistant to the Prime Minister on Revenue, Haroon Akhter said on Monday.

In an interactive session with leading foreign investors in Pakistan at the Overseas Investor Chamber of Commerce and Industry (OICCI), he said more incentives would be offered to attract foreign investors.

He was accompanied by FBR Member Tax Policy Rehmatullah Wazeer, CC LTU Karachi Syed Ayaz Mahmood and CC Customs Shaikh Rasheed. OICCI’s taxation proposals for 2016-17 Federal Budget were also discussed at the meeting.

Akhter said the government was focused on increasing the inflow of foreign direct investment (FDI) as per the country’s economic potential.

Commenting on the major points of OICCI’s proposals, he said the government is aggressively pursuing initiatives to broaden tax base.

He warned tax evaders that the Federal Board of Revenue was equipped with data and skill to detect tax evasion. He informed that last year concessions worth Rs221 billion, given through SROs, were withdrawn. Another Rs120bn will be withdrawn in 2016-17 budget, he added.

He mentioned that FBR’s IT infrastructure is undergoing substantial improvement which will not only connect various available databases to identify new taxpayers but also will address operational issues of taxpayers.

Stating that he found the Tax Reform Commission report to be of high quality, Mr Akhter informed that he would be chairing a committee to monitor its implementation on a priority basis.

On the occasion, FBR Member Tax Policy Rehmatullah Wazeer said all OICCI recommendations will be evaluated.

Key FDI-related measures like extending timelines of incentive schemes under section 65 of the IT ordinance and giving additional credits for electronic invoicing will be given priority, he added.

OICCI President Shahab Rizvi highlighted salient features of Taxation Proposals which are focused on boosting economic and employment growth opportunities.

Published in Dawn, March 29th, 2016