MULTAN: Multan Chamber of Commerce and Industry (MCCI) President Malik Asrar Ahmed Awan said that the body has submitted comprehensive proposals for the upcoming federal budget, with a reduction in sales and corporate tax being the chief demand.
Other proposals include incentivising investors, broadening of the tax net through documentation of the economy and simplification of the tax system. Awan said the proposals focus on bringing a liberal investment policy, infrastructure development, broadening of tax base and job creation through industrialisation.
He said that the MCCI has also suggested that the sales tax slab should immediately be curtailed to reduce cost of production and inflationary pressures. He urged the government to reduce sales tax to single digit and also cut corporate tax to make the upcoming budget business-friendly.
Reflecting on the poor state of the economy, Awan said that only political will and drastic steps can revive the economy. He advocated for raising the country’s tax base so that tax-to-GDP ratio improves.
