Islamabad, In a significant move towards enhancing tax cooperation and resolving issues faced by Chinese companies in Pakistan, Mr. Yang Guangyuan, the Chinese Minister Counsellor, along with his delegation, met with Mr. Malik Amjed Zubair Tiwana, Chairman of the Federal Board of Revenue (FBR), at the FBR Headquarters in Islamabad on January 9, 2024.
According to Federal Board of Revenue, the meeting focused on strengthening the collaborative ties between Pakistan and China, particularly in the context of tax operations. The Chairman of FBR expressed his gratitude for the Chinese delegation’s visit and acknowledged the capacity-building support extended by Chinese authorities in the previous year, which significantly improved the professionalism and efficiency of FBR’s officers.
Mr. Yang Guangyuan lauded FBR’s achievement in crossing the historic one trillion mark in a single month and emphasized the need for ongoing cooperation between Chinese companies working under the China-Pakistan Economic Corridor (CPEC) projects and FBR. He brought up specific concerns related to sales tax, income tax, and customs duties impacting these companies.
Responding to these concerns, Chairman FBR instructed the Member (IR-Operations), FBR, to form a committee to address the issues encountered by Chinese companies at FBR’s field offices across Pakistan. This committee will also be tasked with recommending simplifications in Tax Laws. Mr. Yang Guangyuan offered full support for the formation of this committee, including appointing a focal person from the Chinese side.
The meeting concluded on a hopeful note, with both parties expressing optimism about the future of their cooperative relationship and the mutual prosperity of their nations. The discussions are seen as a crucial step in resolving taxation challenges faced by Chinese corporations in Pakistan and are expected to foster a more conducive environment for foreign investment and bilateral economic growth.