LAHORE: Tax amnesty scheme should also be announced for the economic growth. Double taxation and withholding tax on banking transaction are the practices which promote undocumented economy.
These were the views of Symposium Chairman and FPCCI former President, Vice-Presidents, Mian Muhammad Adrees, Ghanzanfar Bilour, President FPCCI, S.M Munir, former President FPCCI, Iftikhar Ali Malik, Vice-President SAARC, Ch. Arfan Yousaf, Regional Chairman and Vice-President FPCCI, former Vice-President FPCCI Akhtar Hameed Chadda at the Punjab Business Symposium” here.
The purpose of holding Business Symposium is a get-together and to highlight the business community concern and opinion to the government by providing relevant suggestions for their solution. The leadership stressed for bringing efforts for trade promotion, industrialization, balancing trade and increasing exports.
Talking about the issues of business community, they said there should be specific zones for sugarcane, rice, maize and cotton cultivation. Sugarcane cultivation on cotton belt should be avoided. Government should understand that economy can only be strengthened by supporting industrialists. It was stated that the government is regularly ignoring business community and bringing non- business friendly policies. The FBR officials are repeatedly harassing tax payers. Our economy is falling; our trade balance is declining due to high tariff and taxes. We have unfortunately lost our textile sector exports and same situation is being noted in each sector.
Appreciating CPEC initiatives, it was demanded that domestic business community and Chinese investors should be equally treated. The Presidents and Chairmen of all Trade Chambers and Trade Associations of Pakistan attended this event and provide full support of leadership of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
They added that double taxation and withholding tax on banking transaction are the practices which promote undocumented economy. Tax amnesty scheme should also be announced for the economic growth. Tax refunds should be made as soon as possible to improve our exports. Tax return system should be simplified. Help desk of the Punjab Revenue Authority (PRA) should be established at each Chamber of the district. Business representative should be included in the Board of Directors of all government Institutions, PBIT, TDAP, FBR and NTC.
To a question of this reporter, SM Munir said it is the FBR that forced the business community to indulge in fake litigation initiated by the FBR and Rs 300 billion are stuck up. He demanded that refunds and rebates of Rs 350 billion be immediately released as per law.
Former FPCCI chief Zubair F Tufail said that the Pakistani economy has lost its ground due to shortage of electricity and gas.
The government should control FBR officials otherwise the business community would take to streets, Tufail stated, adding that the import need to be cut while refunds and rebate of all types be reimbursed immediately.
LCCI President Tahir Javaid Malik, Mirpurkhas Chamber President Javaid Iqbal, and other including Aftab Burlas, Senator Ilyas Bilour also spoke on the occasion.
