LAHORE: President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik hailed the restoration of self-assessment scheme and demanded the government to bring 15 million identified tax evaders into tax net to lessen burden on existing tax payers.
Talking to a 20 member traders delegation from South Punjab led by Ch Zahid Iqbal Arain, former VP FPCCI he said that draconian action must be taken against tax evaders and defaulters after a high level impartial scrutiny preferably conducted by a third party. He lemanted that 9.5 % tax to GDP ratio in Pakistan is even less than other countries of South Asia whereas its 46.2 % in France,46.0 % in Denmark and 44.6% I. Belgium.
He stressed the urgent need of broadening the tax base exclusively with new tax payers which he added is oxygen to strengthening of national economy. He said world over judicious taxation plays a key role in economic growth of the nations and especially it matters a lot in developing countries.
Iftikhar Ali Malik said that government must promote tax culture and improve tax collection besides raising tax revenue in addition to clipping the powers of tax collector for leashing unnecessary harassment.He said that federal finance minister Shoukat Tarin has assured him that Prime Minister Imran Khan attached great importance to business community and all their genuine problems are being addressed on top priority to accelerate the economic activities in the country.
He said that necessary instructions have already been issued to all relevant ministries and FBR to extend helpful hand to exporters, corporate sector and traders for ease of doing business besides boosting export. He hoped that government will continue to take stakeholders into confidence including chambers prior to formulation of trade policies.
