Lahore: Providing assurances to the business community, the Punjab government has stated that it will abolish around 50 tax categories deemed to be ‘unnecessary’ in the coming period, a news source reported. The provincial government is also expected to stop the collection of professional, property, and labour-related taxes.
In a meeting held with the Lahore Chamber of Commerce & Industry (LCCI) President Almas Hyder on Monday, Punjab Finance Minister Makhdoom Hashim Jawan Bakht gave vent to these details. The session was aimed at resolving the issues of the business community pertaining to the collection and harmonisation of taxes in Punjab.
Bakht acknowledged the suggestions offered previously by the business community in this regard. Furthermore, he assured that the provincial government would unify all labour-related taxes – along with merging property and professional taxes.
The minister informed that the government plans to pass legislation in order to eliminate unwanted regulations. He added that this measure would encourage trade and investment activity in the province. Bakht stated that the government was also revising rules and regulations to introduce more business-friendly policies.
The meeting further discussed the matter of reviving the real estate sector.
Punjab Minister for Industries Mian Aslam Iqbal opined that property taxes contributed significantly to the government’s revenue collection efforts. He added that there was a need for effective planning for reviving the property market.
Meanwhile, Bakht also directed the Punjab Revenue Authority Chairman to evaluate the impact on revenue of eliminating the infrastructure levy from dry ports in Punjab.
He added that the chamber needs to prepare a plan for reviving the dry ports – due for presentation in the next meeting so that the provincial government could finalise its decision. He also directed the Industries Department to prepare alternate plans for the revival of the dry ports.
