Peng Zhengwu, Deputy Consul General of Chinese Consulate has applauded services of Pakistan China Joint Chamber of Commerce and Industry to promote bilateral economic relations between China and Pakistan.
He was addressing as chief guest of a Capacity Building Seminar of the PCJCCI on taxation and the challenges related with its enforcement. The key speaker of the seminar was an eminent Leader of Advocates’ community and Former Commissioner FBR Mr. Jahangir Ahmad.
Peng said that PCJCCI had been working on different grounds which had created opportunities for the young entrepreneurs. He applauded PCJCCI’s vibrant role in promoting bilateral trade and business between both the nations. He assured of the fullest support of Chinese Diplomatic offices to the PCJCCI’s initiatives for strengthening the trade, investment and cultural ties between Pakistan and China.
The speaker Mr. Jahangir Ahmad spoke on basic theme of the seminar; Current changes in tax laws; Compliance and Enforcement challenges”. He said, Tax is a basic instrument of fiscal policy, which is useless if it does not play significant role to maintain flow of wealth from “haves” to “have nots”. while highlighting the Compliance and Enforcement Challenges of taxation, he said that sovereignty is the main objective of Statesmen for implementing taxes within the State”. “The State” means the Federal Government, a Provincial Government, a Provincial Assembly, and such local or other authorities in Pakistan as are by law empowered to impose any tax, he said adding that tax plays a significant role to maintain the flow of cash and flow of wealth between ”haves” and “have not’s”.
While commenting on the current changes, Mr. Jahangir said, the taxes on import will curb the rush of foreign goods and open new spheres for local manufacturers, as the increase in demand will force them to launch such products through which government will generate revenue.