ISLAMABAD: Islamabad Chamber of Commerce & Industry (ICCI) has demanded the government to improve tax structure for developing business and investment.
The acting President, Islamabad Chamber of Commerce & Industry Muhammad Ali Mirza said that the existing tax structure discourages investment and encourages rent seeking. “A better tax system would help to improve economic growth of the country, but unfortunately, the present tax system promotes rent-seeking while discouraging entrepreneurship as it imposes heavy taxes on business profits of traders” he added.
Muhammad Ali Mirza requested the government to focus on reducing tax rates and expanding tax base by bringing all exempted sectors into the tax net. He advised that tax system should be so designed that it should give an attraction to invest in business ventures. He said government should also seriously consider introducing mandatory trade license scheme for every trade which will help in documenting the economy and enhancinng better tax revenue.
