KARACHI: Participants of a Convention comprising Chambers of Commerce & Industry and Trade Associations from different areas of the country Wednesday unanimously agreed to collective raise voice for resolving issues being faced by the trade and industry due to anti-business taxation policies.
In his welcome remarks, Vice Chairman BMG & Former President KCCI Haroon Farooki stated that in order to deal with massive discretionary powers granted to the FBR through Finance Bills every year since 2013, KCCI organized a similar convention last year in February 2017 to urge the government to immediately stop FBR from harassing the business community. Subsequently, KCCI delegation also held meeting with the then Chairman of Senate’s Standing Committee on Finance Saleem Mandviwala who ordered the FBR to stop conducting raids and it was really heartening to see that relief was immediately provided to the business and industrial community as FBR halted raids from March 2017 onwards.
While appreciating the seriousness exhibited by Saleem Mandviwala towards resolving the issues being faced by business and industrial community, the Convention participants congratulated him on his election as Deputy Chairman Senate of Pakistan. They were confident that the business community will witness better policies and improved business climate during Saleem Mandviwala’s tenure as Deputy Chairman Senate, which would surely prove helpful in creating a pro-business environment across the country.
According to the joint communique issued at the end of the Convention, all Chambers and Trade Associations assembled at the convention to deliberate on major issues faced by the trade and industry due to anti-business taxation policies and approach of the Finance Ministry and FBR which has resulted in narrow tax-base, low rate of GDP growth, rapidly growing fiscal and current account deficits and sharp increase in external and domestic debt over the last 5 years.
Immense discretionary powers have been acquired by FBR, by insertion of amendments in Income Tax Ordinance 2001, Sales Tax Act 1990, Federal Excise Act 2005 and Customs Act 1969 through the Finance Bill every year since 2013 which have seriously harmed the business environment and investment climate in Pakistan.
To seek resolution of these pressing issues and to put the economy back on track, the participating Chambers and Associations in the convention presented their views, suggestions and input for the joint proposals to be submitted to the authorities for incorporation in Budgetary measures for 2018-19.
