Federation of Pakistan Chamber of Commerce and Industry Monday demanded fair and equitable taxation for different classes of society and various sectors of economy, including agriculture.
Unfolding distinctive features of the FPCCI budget proposals for forthcoming national annual budget, FPCCI chief Zubair Ahmad Malik said that viable proposals documented on 71 pages have been shaped out by a 24-member working group comprising taxation experts.
Co-chairman Businessmen Panel and VP SAARC Chamber of Commerce and Industry Ifitkhar Ali Malik was also present on the occasion.
“Our national economy remained under pressure due to global financial meltdown and liquidity crisis. And the risk of macroeconomic instability is increasing despite growing signs of robust corporate profits and modest improvement in the economy,” Zubair said.
He said that currently the country is confronting unending sequence of adverse geo-political internal and external security threats. He said that current account deficit is likely to increase this year instead of showing small surplus in previous years.
“We are losing millions of workforce daily due to worst power/gas load shedding which is badly affected economic growth, rendering more and more people jobless,” he said, adding that the rich are neither contributing their due share of taxes nor fulfilling their social responsibility.
The FPCCI chief said that a set of concrete proposals has been submitted to all concerned federal ministries and FBR on broadening of tax base, rationalization of tax rates, revenue measures/improvement in tax to GDP ratio, tax on inter-company dividend, minimum tax u/s 113 division, separation of tax judicial system from collection machinery, medium term direct tax, presumptive tax regimes and minimum tax and facilitation of taxpayers.
The FPCCI chief said that detailed input on various other proposals has also been placed before competent authorities which include tax credit on investment in plant and machinery, incentives for enlistment in stock exchange, tax credit for newly established industrial undertaking, marginal relief of business individuals, amnesty scheme, standard rate of sale tax, cottage industry, simplification of tax returns’ cumbersome procedure and discretionary power for recovery of arrears.
FPCCI for fair taxation
