The newly elected President of Lahore Tax Bar Association (LTBA), Shahbaz Siddique pledged to implement a series of initiatives aimed at promoting strong and mutually beneficial cooperation between Pakistan and China in the taxation field.
Recognizing 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 construction of China-Pakistan Economic Corridor (CPEC), there is a growing need for effective tax policies and regulations that support these investments.
In an exclusive 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, double taxation avoidance and digital taxation.
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, providing educational seminars and advocating for effective tax policies that benefit both taxpayers and the government. The President is committed to addressing the current challenges faced by Pakistan in working with China in taxation such as different tax systems, language and cultural barriers, legal and regulatory harmonization. One of the key initiatives that Mr. Shahbaz plans to implement is establishing 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 organize bilateral tax conferences, exchange programs, 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.