LAHORE: Increasing the share of direct taxes in revenue and lowering the slab of indirect taxes would help achieve key economic targets set for the next fiscal year.
All Pakistan Business Forum President Ibrahim Qureshi said this while chairing a consultation meeting for the final preparation of the federal budget proposals for 2016-17.
All over the world the private sector plays a leading role as far as economic policy framework is concerned. Therefore, the business forum has also been playing its role to bring the country out of economic mire through well-tailored budget proposals. He said that the government and the private sector should be on the same page on minor and major economic issues so that they could be resolved amicably and without any further delay.
The APBF budget proposals will cover recommendations, including proposals to incentivize investors, broaden tax net through documentation of economy, simplify tax system and reorganize FBR and many industry specific proposals.
He said that the APBF, in its budget proposals, will also suggest that the sales tax slab should immediately be curtailed in order to reduce inflationary pressures.
The APBF president said that effort would be made to give government a set of suggestions that would help turn upcoming budget business friendly in true sense of the word.
Ibrahim Qureshi asked the FBR to utilize its abilities to overcome the economic challenges and consult private sector to remove hitches to speedy economic recovery.
It is to be noted that the Federal Board of Revenue has sought the budget proposals for the upcoming financial year 2016-2017 from its field officers as well as from other stakeholders, including the business community.
