Business leaders demand focus on self-assessment scheme and fixed tax regime to improve tax revenue
ISLAMABAD ( Web News )
A delegation of United Business Group (UBG) led by its Patron-in-Chief S.M. Munir visited Islamabad Chamber of Commerce & Industry and exchanged views on a range of economic issues with the local business community to revive the economy and improve the tax revenue of the country. Dr. Mirza Ikhtiar Baig Chairman Baig Group, Khalid Tawab former Senior Vice President FPCCI, Zafar Bakhtawari Secretary General UBG, Abdul Sami Khan and others were in the delegation. Fatma Azim Senior Vice President ICCI, Mian Akram Farid Chairman Founder Group ICCI, Mian Shaukat Masud, Muhammad Ejaz Abbasi, Sheikh Amir Waheed, Jamshed Akhtar, Rana Qaiser Shehzad, Ashraf Farzand, Khalid Chaudhry, Mian Waqas Masud, Ashfaq Chatha and were also present in the meeting.
Speaking at the occasion, S.M.Munir, Patron-in-Chief UBG and other members of delegation said that due to the changing geopolitical and regional dynamics, the government should re-set its priorities and focus on emerging regional economics for trade and exports. They said that China, Central Asian States and East Asian countries have immense business potential for Pakistan and they should be given more focus for trade relations. They said that the government should adopt a proactive approach to safeguard its economic interest during the revision of the GSP Plus regime by the EU. They said that the business community was not against the documentation, however, the government should take them fully on board to promote documentation with consensus. They stressed diversification of trade and exports by focusing on traditional and non-traditional markets.
Sardar Yasir Ilyas Khan, President, Islamabad Chamber of Commerce & Industry said that instead of focusing on POS installation in business premises, the government should promote self-assessment scheme and fixed tax regime that would give more confidence to the business community and greatly help in improving the tax revenue of the country. He said that Pakistan has the potential of generating up to USD 40 billion from the tourism sector and urged that the government should notify the 50 percent reduction in duties on import of tourism related items to give a boost to tourism industry. He said that the government should rationalize regulatory duties and import taxes to facilitate the business community in import of latest technology and machinery for producing value-added products and improving exports.
Fatma Azim Senior Vice President, Mian Akram Farid Chairman Founder Group ICCI and Zafar Bakhtawari Secretary General UBG also spoke at the occasion and said that the government should offer incentive package to all major industries on the pattern of construction package to bring industrial revolution in the country. They also showed great concerns on the falling value of rupee and emphasized that the government should take urgent remedial measures to stabilize the exchange rate, otherwise, it would give rise to high inflation and further increase the cost of doing business that would badly impact the growth of the economy.