LAHORE: The United Business Group (UBG) has asked the government to focus on fast track industrialization and broadening tax base in the next budget to boost Gross Domestic Product (GDP).
The government must frame policies to facilitate industrial sector for jobs creation, revenue generation and exports to push GDP growth beyond 5.5 percent, Zubair Tufail, Secretary General of the UBG, told media here.
In Pakistan, consumption is more than the production of goods as a result of which there is a wide gap between demand and supply. He said that low production is the root cause of inflation and trade and current account deficits are bridged through loans.
Zubair Tufail said that there is a need to boost domestic production through proper industrialization to reduce imports.
Policy-makers need to review the import list and identify items which can be produced locally like energy, engineering and food stuff and fertiliser etc. to cut import bill.
He said that government must follow the competing nations that have allowed import of plant and machinery without any duty or sales tax as taxing capital goods discourage local and foreign investors.
He said that FBR should be reformed while non-filers should be netted as the current number of filers is about one million which must be doubled in one year for which business community will fully cooperate with authorities.
FBR must initiate serious consultation with the business community with an aim to present a peoples friendly budget.
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