LAHORE: President of the Lahore Chamber of Commerce & Industry Abdul Basit welcomed the Prime Minister Nawaz Sharif’s pledge to remove all impediments to the economic growth.
Prime Minister deserves highest appreciation for taking notice of the hurdles and problems being faced by the businessmen, Abdul Basit said.
He added that economic growth could speed up provided refunds are paid expeditiously, dictionary powers that have opened floodgates of corruption are clipped, agriculture stagnation is reversed and disparity in power prices in provinces is removed.
Abdul Basit said that when the prime minister said that the businessmen should be provided with an enable atmosphere, he has actually spoken the language of business community.
The LCCI president said that prime minister’s resolve is great hope for the business community that is facing a number of internal and external challenges.
The LCCI president said that delay in refunds, misuse of discretionary powers by the tax officials, attachment of business accounts, rising miseries of the agriculture sector, below the mark growth of Large Scale Manufacturing Sector, acute energy shortage, disparity in energy prices between the provinces, bureaucratic hurdles and stagnant exports are the biggest barriers to the economic growth.
The LCCI President Abdul Basit said that the role of Federal Board of Revenue is considered as a key facilitator to private sector. But our experience shows that dealing with FBR, is not always easy. Tax system is complicated and burdensome which creates room for complicities between tax payers and the tax collectors. He said that number of taxes and frequency of paying taxes must be reduced. Moreover, taxes may be paid quarterly instead of every month. For that matter, all para tariffs must be merged in the main tariffs.
Similarly, there should be electronic communication between taxpayers and tax departments. These proposals can make noticeable difference and win the confidence of taxpayers. He said that government must ensure that concerned Chinese investors and companies engaged in CPEC must consider the indigenously produced inputs from Pakistan except those goods which are not produced locally. He said that the goods which are not manufactured / produced in Pakistan, for example, soybean meal and grandparents chicks should not be taxed.
Abdul Basit said section 38-B of Sales Tax Act, 1990 is being adversely used by the officials of tax department. They are paying illegal visits to markets and godowns to unjustifiably harass the business people. He suggested that teams from tax department should visit the markets, if indispensable, but they should be bound to follow due legal process and immediately stop harassing business community.
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