PM sets up Business Advisory Council

ISLAMABAD: Prime Minister Muhammad Nawaz Sharif Thursday announced to establish PM Business Advisory Council besides unveiling a comprehensive reforms package to encourage business and investment opportunities in the country.

Addressing a gathering of businessmen and industrialists here at the Prime Minister’s Office, the Prime Minister said he would also establish an Advisory Council exclusively to deal with the issues confronting the agriculture sector of the country.

He said the Business Advisory Council would meet quarterly to debate the issues and ideas to enhance business activity and attract foreign investment to the country.

The Prime Minister also announced various incentives for the highest taxpayers of the country as well as those bringing themselves voluntarily under the tax net.

He said the government would issue Privilege Cards to 400 highest taxpayers to entitle them for VIP airport lounge, fast track clearance, gratis passport and baggage allowance worth $5,000. Moreover, they would also be given excellence awards and he would also host a reception in their honor, the Prime Minister said.

He also announced the exemption from any investigation about the income sources for those who would invest in construction, livestock, captive power plants, Thar Coal and mining in Balochistan.

However, the industries including arms, explosives, fertilizers, sugar, cigarettes, beverages, spinning, flour, ghee and cooking oil would not be eligible to avail this offer.

The Prime Minister said anyone paying 25 percent more tax than the previous year would be given exemption from detailed audit and also extended the last date for filing of tax returns till December 15, 2013.

Prime Minister announced exemption from penalties, default surcharge and detailed audit for those bringing them themselves voluntarily under tax net as well as the first-time tax payers.

He told the gathering that the government has also exempted the tax payers from FBR’s access to bank accounts.

Prime Minister Nawaz Sharif said for availing these incentives, it was required that investment is made in Green Field Industrial roject after January 1, 2014. Under the scheme the minimum investment required as Rs 25 million and it should create at least five jobs.

Moreover, he said the immunity shall not be available to proceeds of crime relating to offences under the Narcotic Substances Act 1997, Anti Terrorist Act 1997 and Anti Money Laundering Act 2010.
He said top 100 taxpayers each would be issued taxpayers recognition card to CEOs’, main share-holders, salaried and non-salaried individuals.

He said the top 400 taxpayers would also be invited on March 23, August 14, and other state banquets on rotational basis, besides increase in baggage allowance from $500 to $ 5,500.