ISLAMABAD: Reasonable demands of traders for expanding the business in country should be accepted without any hesitation by the government while finalizing the next budget for fiscal year 2016-17 so they could have a friendly atmosphere to play their role to make Pakistan prosperous.
This was stated by Federation of Pakistan Chamber of Commerce and Industry (FPCCI) former president and Sitara Chemical Industries Chief Executive Officer Muhammad Idrees in an interview with Customs Today. There is hope that the Federal Board of Revenue (FBR) will accept the suggestion of business community for next budget which will be presented before the board during consultancy meetings, he said.
Some minor complications created hindrances in the way of business that must be tackled; he said adding that “I am unable to understand why the suggestions that can develop Pakistan economically are not considered by the government.”
The consultation process with traders increased since Ishaq Dar held the seat of Finance Minister that was a good gesture, he said, adding that the government should not feel hesitation to implement the traders’ suggestion in order to bring ease in business doing.
Currently, the FBR was facing shortage of staff and lack of technology, he said, adding that tax systems must be simplified as this national was ready to adopt the simple tax systems. The ‘English tax systems’ could not penetrate into the society because every citizen was not a chartered accountant or have a degree in English language. Irrelevant procedures must be eliminated from the tax system.
“I personally want a system in which a literate person could file his tax returns without taking help of experts,” he said. The tax amnesty scheme was not proven fruitful because of having some limitations, which could not be crossed due to International Monetary Fund, he remarked.
Numbers of suggestions have been put forward asking government to facilitate the people more if it wanted to expand the tax net, he said.
He also appreciated the Companies Bill-2016 by the Securities and Exchange Commission of Pakistan to save the investments of people, adding that the government was making it beneficial for all stake holders after consultancy.
Through this bill, Shariah-Compliance Companies status was also going to introduce, besides making the business more secure, he said, adding that numbers of amendments were being made in the larger interest of companies and share holders.
Efforts are also being made to introduce technology at maximum level through this bill, he said, adding that attending the general meeting of company through video-link, electronically annual accounts and documents filing and electronically belt paper all these addition in the bill were commendable.
The major focus of this bill is the facilitation to the corporate sector and other stakeholders as well as strengthening of the regulatory frame work, maximum emphasis on the use of technology, abolish unnecessary requirements, protection of the interest of shareholders, a softer regime for the companies having no stake of the general public. It has been declared mandatory to provide the shares within 15 days instead of 30 to share holders.
The separate status of Shariah-Compliance Company and Shariah Security will mobilised the Islamic investment as it was promoting at local and international levels.
