ISLAMABAD: Senior Vice-President and Chairman Diplomatic Committee of Islamabad Chamber of Commerce and Industry (ICCI) Khalid Malik has said that the process of preparation of budget proposals will be started soon. The whole taxation system needs review and amendments.
During an exclusive interview with Customs Today, Malik said that the government continuously squeezing existing taxpayers and putting pressure of tax revenue on the shoulders of the taxpayers. He said that government should adopt business friendly policies to expand tax net.
The government should announce some concessions for those taxpayers who have been paying regular taxes for the last two to three years to get better revenue collection results. Now the income tax team of FBR should concentrate to find out new taxpayers.
Malik said due to the current tax policies, FBR have to bring the new taxpayers in tax net. Federal Board of Revenue should review this policy with the help and coordination of business community. He said that no person become a member of any chamber if he is tax defaulters. He said that Pakistan’s exports are being declined due to the decrease in cotton production but the cotton policy is also not business friendly. He said that businessmen are also facing some other issues like refunds, now the government is addressing them and the current country situation is also one factor which prevails. Hopefully this situation will be resolved soon.
He suggested that if government is willing to expand tax net than this job should be handed over to Chambers of the country. He said there are 62 chambers are operational in the country and if government took them in confidence, they can help to increase the tax net.
He blamed the field tax officers for involvement in corruption, alleging that they takes bribe and didn’t bring the people in tax net. This practice should be changed and the law of accountability should be followed strictly by the FBR.
He said through China Pakistan Economic Corridor, almost $46 billion foreign investment is coming to Pakistan. He said that hose who are criticizing the project are either mad or illiterate. It is good fortune for Pakistan. China is already exporting a lot to Pakistan. Pakistan’s local industry should get ready for the competition, he said.
