LAHORE: Pakistan Industrial and Traders Association Front (PIAF) Chairman Irfan Iqbal Sheikh has urged the government to announce a tax-free budget for the year 2017-18 to achieve high economic growth; as increase in number of taxes always discourage people to stay out of the tax net while cut in tax rates always expand the tax base.
The PIAF chairman raised this demand during a meeting held to discuss the upcoming federal budget 2017-18. He also called for simplification of taxation system and said a simplified and friendly taxation system would encourage businessmen to come into the tax net. “Our government should rationalise tax tariffs instead of making any increase in their rates,” he added.
The PIAF chairman said the economy cannot grow amid major issues including double taxation and undue delay in refund claims, therefore, the government must resolve such issues as soon as possible. He urged the Federal Board of Revenue (FBR) to pay attention towards issue of double taxation which has become a major hurdle in the running of smooth businesses. After the 18th Amendment, provinces have developed their own legislations and rules for the administration of sales tax on services.
