PESHAWAR: The Sarhad Chamber of Commerce and Industry (SCCI) and the Federal Board of Revenue (FBR) Islamabad have agreed to establish a committee comprising members of the Chamber and Customs department. The primary objective is to address the concerns of the business community, importers, and exporters.
SCCI President Fuad Ishaq emphasized the necessity of reducing the tax ratio to a single digit to bolster the economy, trade, and businesses. He advocated for expanding the current tax base by including new individuals rather than imposing additional taxes on existing taxpayers.
During the visit of Farid Iqbal, Member Customs Operation FBR Islamabad, to the chamber house, a meeting was held, presided over by SCCI chief Fuad Ishaq. The gathering included senior officials and representatives from SCCI, Customs department, and various business stakeholders.
Fuad Ishaq called for simplifying the existing taxation system through reforms and urged for the prompt refund of claims for businessmen in Khyber Pakhtunkhwa. He highlighted the importance of addressing the reservations of the business community regarding the imposition of the Point of Sale (PoS) system and suggested equalizing tariffs for 224 items with duties of Afghanistan.
Additionally, he proposed a five-year tax holiday for businesses and industries in Khyber Pakhtunkhwa, along with ensuring uninterrupted gas and electricity supply at reduced prices. Ishaq stressed the implementation of business-friendly policies to foster industries, business growth, and economic prosperity.
Farid Iqbal, Member Operation FBR, assured that the facilitation of the business community and the resolution of their problems are top priorities.
He acknowledged the challenges in Pak-Afghan bilateral trade but expressed commitment to streamline and smoothen border trade for the benefit of the business community and economic stability.
Iqbal agreed with the proposals put forth by SCCI chief and other participants regarding taxation system reforms and pledged to take up the issues with relevant authorities for an amicable resolution. He affirmed that every possible step would be taken to provide relief to the business community.
