Islamabad Chamber of Commerce and Industries (ICCI) President Shaban Khalid has said that the government will facilitate the growth of businesses which will automatically generate more tax revenue, create more jobs and increase exports of the country.
He said this while addressing business leaders at a post-budget conference organised by Islamabad Chamber of Commerce and Industry (ICCI) called for appropriate revision of increase in taxes proposed in Federal Budget 2014-15.
Presidents of chambers of commerce and industry from across the country including Karachi, Lahore, Faisalabad, Sialkot, Rawalpindi, Peshawar and Quetta attended the conference.
In his welcome address, ICCI President Shaban Khalid said that the purpose of this get-together was to discuss the key features of Budget 2014-15 and give an opportunity to the representatives of business community to develop consensus for further improvements in the Finance Bill 2014-15.
The business leaders were of the view that increase in certain taxes in the budget may add problems for entrepreneurs and cause more inflation.
They said measures like alternative corporate tax, increasing withholding tax rates, enhancing gas infrastructure development cess on natural gas consumption up to Rs 300/MMBTU and giving more powers to Federal Board of Revenue (FBR) need thorough study and revision.
Khawaja Tanveer Ahmed, Member Account FBR, said the basic theme of new budget was to facilitate regular taxpayers and motivate non-filers towards the tax net. He said the chambers of commerce should also motivate their members towards tax compliance and FBR will launch awareness seminars in cooperation with chambers to educate the businessmen on tax obligations.
He said: “we have to sit together to find solutions and business community should assist FBR in improving tax revenue.” He assured that the government would look into the grievances of the business community to remove their concerns.
Renowned economist Sakib Sherani said the right approach should be to increase tax coverage, reduce tax rates, simplify tax regime and adopt a progressive taxation regime.
