The American Business Council of Pakistan has expressed interest in collaborating with the Ministry of Finance and the Federal Board of Revenue (FBR) to fight the menace of illicit trade in consumer goods based on the government-backed data.
A four-member delegation from the American Business Council, led by Adnan Asad, the head of the Council’s government relations sub-committee, called on Advisor to the Prime Minister on Finance and Revenue, Shaukat Tarin, and Chairman FBR, Dr. Muhammad Ashfaq Ahmed, at FBR Headquarters on Tuesday.
Speaking on the occasion, Asad explained the scope and significance of the American Business Council and talked about its key areas of collaborative engagement with relevant stakeholders including the Government of Pakistan.
He expressed keen interest in collaborating with the Ministry of Finance and FBR to fight the menace of illicit trade in consumer goods based on government-backed data.
A proposed Memorandum of Understanding (MoU) among the three entities encompasses joint research that will be conducted as per the government’s needs and areas of focus so that it could lead to informed policy decisions.
In his remarks, Tarin reiterated the government’s priority on increasing the tax-to-GDP ratio to 20 percent in the next 4-5 years. He identified tobacco and beverages as the two key sectors most affected by illicit trade and emphasized the pressing need to conduct quality research on the possible revenue leakages in these important sectors.
Appreciating the delegation for offering support, the Advisor urged the Council’s team to closely work with FBR as well as the private sector to counter illicit trade.