Federal Minister for Industries and Production, Syed Murtaza Mahmud launched study on the existing income tax regime for small and medium enterprises (SMEs) here on Thursday. The study was conducted by small and medium enterprise development authority (SMEDA), an attached department of ministry of industries and production, through its project titled "research, regulatory and advocacy assistance for SMEs"

To launch the study, a ceremony was held at a local hotel, which was attended by the business community and officials from federal board of revenue, ministry of industries and production. On the occasion, chief executive officer of SMEDA, Farhan Aziz presented the report of study to the federal minister.

The minister acknowledged the role of SMEDA for highlighting challenges the SMEs were confronting with and advocating their development through evidence-based policy proposals. Addressing the ceremony, parliamentary secretary for ministry of industries and production, and secretary women's parliamentary caucus, Dr. Syeda Shahida Rehmani stressed the need to address the challenges of SMEs and suggested that their issues should be resolved through one window operation.

She said that women should be provided facilities at priority to run their businesses through SMEs. She was of view that high rates of electricity bills were the barrier in the growth of the SMEs and recommend reduction in rates of taxes making their businesses easy. Earlier in his opening remarks, chief executive officer of SMEDA, Farhan Aziz said that national SME policy was approved by the government in 1921, which not only adopted a uniform definition of SMEs but also recommend a host of regulatory and tax related reforms.

However, challenges related to the texation regime were complex bringing informal SMEs into the tax net required targeted efforts and incentivizing compliance, he added Kashif Anwar President LCCI, Asim Saeed member private sector development, planning commission, Waqasul Hassan, CEO Karandaaz Pakistan, and Dr. Hamid Atteque Sarwar, tax lead revenue mobilization, investment and trade were among the key speakers of the event.

Credit: Independent News Pakistan: INP