LAHORE:
Lahore Tax Bar Association (LTBA) newly elected President Shahbaz Siddique has pledged to implement a series of initiatives aimed at promoting strong and mutually beneficial cooperation between Pakistan and China in the field of taxation.
Recognising the importance of collaboration between the two countries, he aims to leverage this partnership to drive economic growth and development.
With the acceleration of the second phase of the China-Pakistan Economic Corridor (CPEC), there is a growing need for effective tax policies and regulations that support these investments.
In a recent interview with China Economic Net, Shahbaz highlighted the significance of a robust tax framework to ensure transparency, fairness and ease of doing business for both Pakistani and Chinese companies.
He noted that the collaboration between Pakistan and China in taxation holds great potential, including exchange of expertise, investment and trade, avoidance of double taxation and digital taxation.
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The two countries regularly engage in bilateral discussions and agreements to enhance economic cooperation, which may include tax matters. He said that Pakistan can learn from China’s experiences in tax reform, administration and dispute resolution.
LTBA plays a crucial role in promoting tax laws in Pakistan by facilitating communication among tax professionals, organising educational seminars and advocating effective tax policies that benefit both taxpayers and the government.
The association president is committed to addressing the current taxation challenges faced by Pakistan in working with China such as different tax systems, language and cultural barriers, legal and regulatory harmonisation.
One of the key initiatives that Shahbaz plans to undertake is to establish a dedicated online platform for knowledge sharing and exchange among tax professionals from both countries.
The platform will serve as a hub for sharing best practices, discussing challenges and exploring opportunities for collaboration on tax matters.
Furthermore, the association intends to organise bilateral tax conferences, exchange programmes, joint research and publications, training and capacity building, policy advocacy, etc.
These events will provide valuable opportunities for participants to deepen their understanding of each other’s tax systems and foster meaningful connections.
This article originally appeared on China Economic Net
Published in The Express Tribune, March 21st, 2024.
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