RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) President Malik Shahid Saleem has said that business community has high hopes and expectations about upcoming economic package to be presented at national assembly on January 23. “We are anticipating big relief in taxes, regulatory duties and low tariff for Small and Medium Enterprises (SMEs).
Addressing a press conference at Chamber house here , RCCI President Malik Shahid Saleem urged government to take immediate steps and end this vagueness and uncertainty towards IMF program. There should be a clear picture for local and foreign investors what exactly the economic direction where government is heading and how much time it will take to remove the anomalies and bottlenecks to put the economic engine on the track, he added.
He said we do appreciate that the government is considering withdrawing the ban imposed on the non-taxpayers on purchasing vehicles and properties , however, there must be more taxes/duty/fees for non-filers over filers.
Malik Shahid Saleem said that business community does appreciate withdrawing of Withholding tax (WHT) on cash withdrawal from bank accounts will be abolished for tax filers.
He informed that on ease of doing business index Pakistan ranked 136 and urged Government to take concrete and result oriented steps based on medium and long term to improve the ranking below 100 marks in next three to five years.
While answering to a question, RCCI President said that Government must increase the tax network and add new sectors and departments rather squeezing the existing tax payers. It is very unfortunate that we have just 1.5 million registered filers out of 200 million populations. The Active Tax Payer list (ATL) must be updated on weekly basis for late filers too, he suggested.
It is appreciated that Prime Minister Imran Khan being vocal on creating wealth and dividends, however the business community desired to have a favorable environment for cash flows and competitiveness.
On another question, Malik Shahid Saleem said that Business Community believes that China Pakistan Economic Corridor (CPEC) will serve as a game changer for Pakistan economy with respect to connectivity and Industrial growth, however he urged the government to expedite process and working on CPEC Special Economic Zones and take key stakeholders (Chamber of Commerce) on board.
All export refunds claims must be cleared by March 31 and equal opportunities and facilities must be provided to all other sectors including Pharma, Marble, Gems and Poultry, he demanded.
