FAISALABAD, June 10: The Madina Town Municipal Administration approved a plan to widen a tax net to augment financial resources here on Saturday.

Town Nazim Ali Akhtar Khan addressed the meeting in which members also took active part in the debate. Naib Nazim Sajjad Ahmed chaired the meeting.

The meeting was informed that 50 per cent reduction had been made in taxes on the sale of tobacco, grinding of food grains and some other items.

It was also told that the NOC from the town administration had also been made mandatory for the setting up of an industrial unit while taxes on various trades and professions had been increased from 100 to 300 per cent.

The sale of various products under the license fee had been enhanced from 20 to 100 per cent while construction fee for new theaters from Rs15,000 to Rs50,000, it was further informed.

Speaking to participants, Town Nazim Ali Akhtar Khan said that scores of taxes had not been enhanced during the last four decades.

He said that it had become necessary for the town administration to generate adequate funds for launching mega development projects.

After a heated debate, town members approved the taxation plan with a thumping majority.

CONSTITUTED: Five major textile associations constituted a council of common interest with the name and style the All Faisalabad Textile Association to start a joint move for the resolution of problems being confronted to textile and its allied sectors.

A joint meeting was held at the Pakistan Textile Exporters Association (PTEA) offices here on Saturday under the presidentship of its chairman Rana Arif Tauseef.

All Pakistan Textile Processing Mills Association (APTPMA) chairman Mian Shabbir Ahmed, All Pakistan Cotton Powerlooms Association (APCPA) chairman Abdul Haq, All Pakistan Sizing Industry Association chairman and Pakistan Hosiery Manufacturers Association acting chairman Mirza Muhammad Shafiq announced forming the joint platform seeking relief for common textile and export related issues.

The meeting decided that since Faisalabad was contributing 40 per cent to country’s total textile exports, it was a sheer apathy to ignore this important sector of the economy.

It was further decided that joint efforts would be made to reduce the cost of production of exportable items to get a level playing field for exporters in the global market and to offset the adverse impact of hikes in electricity, gas, petroleum and bank credit.