Single Digit Tax to Promote Business: FPCCI and ICCI Urge Government

Earlier this week, the business community urged the government to introduce single digit tax rates in the forthcoming budget that would help in promoting the business activities and improving tax revenue as well.

The efforts of Advisor to Prime Minister on Finance, Revenue and Economic Affairs Miftah Ismail for working to bring new taxpayers into the tax net were also appreciated by the them and termed it a right move to improve the tax revenue instead of burdening the existing taxpayers.

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President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Ghazanfar Bilour, in an address said that the government was working to announce a tax amnesty scheme and stressed that the scheme should be across the board.

Furthermore, he added that he had taken up the issue of payment of refunds with the government and informed that the government is working on a new refunds policy through which the refunds would go to the accounts of concerned persons.

He also urged the government for establishing special economic zones under CPEC all over the Pakistan to promote investment and industrial activities in the country. He is also to soon call a meeting of all chambers and associations to discuss issues and devise a consensus strategy for the consideration of the government.

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He lauded the role of ICCI in promoting the interests of business community of the region and assured that FPCCI would cooperate with it in resolving key issues of trade and industry of the Islamabad region.

Speaking on the occasion President of ICCI Sheikh Amir Waheed congratulated the newly elected office bearers of the FPCCI. According to him, the economy of Pakistan is facing many challenges due to falling exports, rising trade and current accounts deficits and reducing foreign exchange reserves and hopes that the FPCCI would work on those challenges with the government to transform the weaknesses into the opportunities.

He said the FPCCI should prepare policy recommendations for the government in consultation with all the chambers and associations of the country.

He also congratulated Patron-in-Chief S M Munir, Chairman Iftikhar Ali Malik and whole team of United Business Group for achieving 4th consecutive victory in FPCCI elections and hoped that the UBG would continue to work for the betterment of the business community of the country.

Source: APP