Large Taxpayer Unit (LTU), Islamabad Chief Commissioner Syed Ijaz Hussain has termed the recently held Chief Commissioner Conference as very productive in thrashing out an integrated approach to resolve various tax related issues.
“LTUs of Karachi, Lahore and Islamabad participated in the conference to foster an integrated approach towards the formulation of policies concerning corporate sector,” he said according to an issued statement. The participants agreed to develop a framework to properly tax corporate entities by adhering to a coherent mechanism, he stated, adding they also decided to conduct studies for formulating comprehensive strategies, keeping in view regional practices and domestic economic activities. The participants appreciated the initiative exercised in holding such conferences and stressed upon the need for training young officers so that optimum revenue generation could be realised during the current and upcoming fiscal year.
Those present were apprised about the issue related to oil exploration and production, the statement stressed, adding they were also trained on certain issues in withholding taxes amongst banking sector which were elaborated upon by the officers of LTU. Participants agreed that all three LTUs would through sharing information and experience make the collection system more robust while suggestions related to automation of business processes, the issue of transfer pricing and taxation of major sectors of economy also came under discussion. Member Inland Revenue Khawar Khurshid Butt and Additional Commissioner Islamabad Masud Akhtar also spoke on the occasion.
