KARACHI: The Pakistan Business Council (PBC) has urged the government to equip the Federal Board of Revenue (FBR) with technology and trained manpower to further broaden the tax base.
In a letter to Prime Minister Nawaz Sharif, the PBC further suggested that transaction tax on non-filers should be raised. Besides, the presumptive tax regime should be abolished, and FBR’s role should be limited to collecting taxes and not making tax policy as it led to short-term revenue-oriented measures at the cost of long-term health of the economy, the council said.
The council said economic and political stability, better security situation, a change in global perception of Pakistan, and massive investments in infrastructure under CPEC have prepared the ground for robust growth.
However, a “properly branded and powerfully amplified” campaign is needed to build on gains in wake of global recession, a wave of protectionism, rising oil prices, volatility in the Middle East and the vulnerability of remittances.
The council believed these objectives could be achieved by arresting the “premature” de-industrialisation of the country’s industry. “With the right policies, there is no reason why the domestic industry cannot gain scale and become competitive,” it said.
