FPCCI, ICCI urge government for introducing single digit tax to promote business

Business community Monday urged the government for introduce single digit tax rate in the forthcoming budget that would help in promoting the business activities and improving tax revenue as well.

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

President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Ghazanfar Bilour, while addressing a dinner reception organized by Islamabad Chamber of Commerce and Industry (ICCI) in honor of newly elected office bearers of FPCCI said the government was working to announce a tax amnesty scheme and stressed that the scheme should be across the board.

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

He urged the government for establishing special economic zones under CPEC all over the Pakistan to promote investment and industrial activities in the country.

He said he would soon call a meeting of all chambers and associations to discuss issues and devise a consensus strategy for the consideration of the government.

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.

He said the economy of Pakistan was facing many challenges due to falling exports, rising trade and current accounts deficits and reducing foreign exchange reserves.

He hoped 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.