ISLAMABAD, DEC 4 /DNA/ – A meeting of the National Tax Council (NTC) was held today at the Finance Division under the chairmanship of Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb. The meeting brought together key federal and provincial stakeholders to discuss critical matters related to tax reforms and harmonization.
The meeting was held in the context of the recently signed National Fiscal Pact between the Federation and the Provinces, emphasizing the need for realizing the full tax potential from under-taxed sectors, particularly real estate, property, and agricultural income.
The meeting was attended by
Mr. Ali Parvez Malik, the Minister of State for Finance & Revenue; Mian Mujtaba Shuja-ur-Rehman, the Finance Minister of Punjab; Mr. Muzzamil Aslam, the Finance Minister of KPK; Mir Shoib Nausherwani, the Finance Minister of Balochistan; Chairman FBR, Chairmans of Provincial Revenue Boards, and the Federal and Provincial Finance Secretaries. Additionally, experts from the World Bank and other senior officials from Finance Division and provincial finance departments were also present.
The agenda of the meeting focused on fostering collaboration between federal and provincial authorities to enhance tax systems, improve compliance, and boost revenue collection. Key discussions revolved around:
1. Data Sharing and Tax Digitization: Strengthening information-sharing mechanisms between FBR and provincial revenue authorities, leveraging advanced tools for data analysis, and implementing digital solutions to streamline tax collection.
2. Harmonization of GST: Advancing efforts to harmonize the General Sales Tax (GST) across provinces and transitioning to a unified tax portal for better efficiency and transparency.
3. Provincial Tax Reforms: Reviewing measures to enhance agricultural income tax and property taxation, ensuring alignment with federal policies while addressing existing challenges.
4. Broader Tax Base: Exploring strategies to transition GST on services to a broader framework, aligning with international best practices to minimize ambiguities and improve administration.
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