PCP Awards ceremony held
Chairman Federal Board of Revenue (FBR) Tariq Mahmood Pasha, Tuesday, said that FBR always tried to come up to the expectations of the taxpayers regarding redressal of their reservations and easing the doing of business in the country.
In this regard, FBR and Pakistan Center for Philanthropy (PCP) have signed a memorandum of understanding which has pushed the FBR in the back foot and now major responsibilities lie on the PCP facilitate the international donors in Pakistan.
While addressing the ‘Corporate Philanthropy Awards’ ceremony here on Tuesday, he said that Tax to GDP ratio was only 12.5% in Pakistan therefore more and more people should be brought in the tax net to broaden the tax base for accelerating the revenue collection to meet the surging national financial needs for smooth conduct of public sector development program (PSDP).
Pasha said that a large number of national and international nongovernmental organizations were carrying out very good job in the country; however, national security was the top priority agenda therefore evaluation and certification process of the performance of NGOs should be carried out purely on the basis of set rules and regulations.
In this regard, he said that FBR had always been facilitative to the PCP and other organizations, this was why, FBR appointed a serving member of policy wing at PCP for certification of organizations.
Earlier, PCP Chairman Zafar A Khan in his welcoming remarks said that Pakistani corporate sector contributed some Rs 7.3 billion before tax as philanthropy and it was a healthy sign as whole from social responsibility perspective side. Out of some 1000 listed companies, some 600 to 700 companies usually contribute to the philanthropy sector and this number needs to be increased because at present ratio is lower as compared to the developed world.
He further said that as per PCP survey listed companies contributed some Rs 2.25 billion as philanthropy, but actual amount was high by several times because hundreds of companies and people did not like to publicize their acts of kindness.
In a bid to further promote the philanthropic culture in the country, he said that the government should ease the taxation system to facilitate the donor corporate sector. Moreover, he said that the government should also announce some civilian national awards for best performing NGOs and INGOs in different social and corporate sectors. In this regard, some good performing NGOs and INGOs may be given some sort of incentive like tax holiday or tax relaxation.
At the end of the ceremony, Chairman FBR distributed awards among the winner both public and private companies. Awards were given on the basis of amount and ratio of profit of a company. In this regard, Oil and Gas Development Company limited, Pakistan Petroleum Limited, Habib Bank, Tahir Umar Industries, Younas Textile Mills, Orient Energy Systems, Sherazi Industries, Barret Hodgson Industries, Fatima Sugar Mills, Resham Textile Mills, Fast Cables, Treet Corporation and a few others were declared as winners of the awards and representatives of these companies received awards from the Chairman FBR.