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Ambassador Yao Jing Attends FBR Symposium on Tax Issues for Chinese Enterprises

On 2 April, Ambassador Yao Jing and Dr. Muhammad Jehanzeb Khan, Chairman of Pakistan Federal Board of Revenue (FBR), co-chaired a symposium on tax issues for Chinese enterprises in Pakistan. The meeting was also attended by Economic and Commercial Counselor Wang Zhihua, relevant members of the FBR, and heads of 12 Chinese companies in Pakistan, including China Mobile, Three Gorges South Asia and Huawei.

Ambassador Yao said tax is the foundation of national finance and an important part of local business environment. With China-Pakistan Economic Corridor (CPEC) implemented smoothly in recent years, more and more Chinese enterprises are attracted to Pakistan to invest and operate, contributing a lot of tax revenue and creating numerous jobs. However, they also encounter tax problems in their operation. China appreciates FBR for its efforts to improve the tax environment and hopes that Pakistan will continue to implement tax reform and make its tax environment fair, transparent and predictable. Mentioning Prime Minister Imran Khan’s trip to China for the second Belt and Road Forum for International Cooperation at the end of April, Ambassador Yao expressed China’s willingness to work with Pakistan to encourage more Chinese enterprises to invest in Pakistan and deepen economic and trade cooperation between the two countries.

Chairman Jehanzeb responded to questions raised by the companies, and promised that FBR would push for timely solution. Hailing the CPEC as an important engine for Pakistan's economic development, he thanked Chinese investors for their contribution to Pakistan's fiscal revenue. He said that under the guidance of Prime Minister Imran Khan, FBR is vigorously implementing reforms to create a more friendly environment for tax payers, and that FBR is aware of the concerns of Chinese companies about tax disputes. FBR has designated tax liaison officers to ensure more efficient settlement of disputes. To better communication channels and solve the tax problems faced by enterprises more efficiently, he added, FBR will help build the liaison mechanism in customs and domestic tax sectors.

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