Business community demands relief in budget FY25

June 05, 2024 (MLN): The business community has demanded relief and facilities for the promotion of industry in the upcoming budget 2024-25 by broadening the tax net, as APP reported.

Talking to the APP on Wednesday, President, of the Islamabad Chamber of Commerce and Industry (ICCI), Ahsan Zafar Bakhtawri said that consultation with the business community has been finalized and its budget proposals have been sent to the relevant ministry.

He said that the business community has called upon the government to incorporate them in the Federal Budget 2024-25 as their implementation would address the key issues of trade and industry, facilitate better growth of business activities, improve tax revenue of government, and help in revival of the economy.

The ICCI president said that the chamber, like every year, had forwarded its proposals for the Budget 2024-25 to the Finance Ministry and the government would hopefully accept them.

He urged the government to consult with the business community and establish joint committees at the district level to widen the tax net, besides applying the law of punishment and penalty against the tax evaders.

The National Tax Number (NTN) should be made mandatory for opening a bank account, besides the sale and purchase of property and vehicles, he stressed.

Meanwhile, Chairman FPCCI Capital Office, Karim Aziz told APP that the chamber suggested the government tax reform for broadening the tax base to revive the businesses in the country.

He said that the chamber has also urged the government to consult with all stakeholders for the upcoming federal budget.

He said that FPCCI has finalized its budget proposals, which have been sent to the relevant ministries and called upon the government to incorporate them in the federal budget 2024-25.

He said that their implementation would address the key issues of trade and industry and facilitate better growth of business activities, improve tax revenue of the government and help in the revival of the economy.

He stressed the need for reforming and simplifying the taxation system in consultation with the real stakeholders.

He urged the government to focus on ease of doing business in the upcoming budget, which would help attract the much-needed investment to trigger economic growth in the country.

“The government is highly appreciative of the contribution of the traders and the business community towards strengthening the economy and promoting tax culture”, he added.

He said the budget for the upcoming fiscal year should feature a balanced tax collection approach and the government should adopt a strategy for the documentation of the economy.

Aziz also underlined the need for enhancing exports, reducing imports, and giving incentives to expatriates to invest in Pakistan.

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