RAWALPINDI: Rawalpindi Chamber of Commerce and Industry (RCCI) welcomed the decision regarding the formation of Pakistan Revenue Regulatory Authority (PPRA) for policy making on tax affairs.
In an exclusive interview with Customs Today, RCCI President Syed Asad Mashadi said that PRRA will have positive effects on the performance of the Federal Board of Revenue (FBR) and the Pakistan Customs. He suggested that members of authority must be selected on merit and expertise basis.
Responding to a query, he said that exports could be raised by tackling energy crisis and poor law and order situation in the country. He said that Afghanistan and Central Asia were exports destinations for Rawalpindi based exporters but infrastructure was needed to be developed.
He further said that devaluation of Pakistani rupee to boost exports was not a rational option and the government must avoid devaluation of the currency.
The government must improve state-own entities like Pakistan Steel Mills, Pakistan International Airlines (PIA), PSO, etc; Mashidi said adding that downsizing was short term solution whereas privatization was a long term solution to make these entities profitable and competitive.
He said that formation of Pakistan Stock Exchange (PSE) was a positive strategic initiative as it will offer single rate to investors throughout the country.
Talking about imposition of 0.3 percent withholding tax on banking transaction, he said that WHT has been levied on non-taxpayers and traders, which must be accepted in national interest. He said Federal Board of Revenue (FBR) should make consultation with trade bodies to explore the untapped potential of taxpayers.
He said that economic team of the incumbent government was making pro-business polices, adding that agreement of China Pakistan Economic Corridor was a remarkable achievement of the govt.
Govt must devise policies for real estate, food processing and IT sector in consultation with trade bodies as IT exports potential was yet untapped, RCCI president said.
Mashidi said that RCCI research and development department regularly advised its members and business community for product value addition and innovation, and conducted seminars and workshops for their training regularly.
“RCCI communicates trade queries and tax notifications through email, SMS and website. It facilitates its members to participate in international trade-cum-business fairs and expos,” he said.
More than 5,400 registered members of RCCI were all genuine taxpayers and playing their part in development country, he said adding that RCCI has a plan to establish IT Park in Rawalpindi for software development and internet communication. Subsidies on rent and electricity will be offered at the IT Park.
Asad Mashidi said that “RCCI keeps constant relations with academia and general public as it has signed a memorandum of understanding (MoU) Roots International.”
He said students including female students will be provided internship opportunities in their respective industries to equip them with latest technologies.
