The United Business Group (UBG) on Friday strongly demanded of the government to bring at least 3.5 million non-tax fillers identified by the Federal Board of Revenue (FBR) into the tax net to strengthen the national economy. UBG Chairman Iftikhar Ali Malik while talking to a traders' delegation from Gujrat, Sialkot and Gujranwala stressed the need for revamping of tax system in Pakistan.
He said that survival of the Pakistan is directly linked with better economy followed by stable political government. He said that none of the traders in the whole country is happy with levy of irrational taxation on industry. The government should offer special package of power and gas tariffs for rapid industrial growth on the pattern of China. As a result of high tariffs and taxation, cost of production is increasing and cannot compete in global market thus badly hampering export substantially, he added.
He further said the business community is seriously concerned about the prevailing economic scenario hovering in the country failing which traders will be the worst-affected. The FBR should collaborate with market trade unions to conduct tax surveys to widen the tax net, he opined.
Malik said the UBG also fully endorsed the demands of the all chambers for withdrawal of regulatory duties and withholding tax on bank transactions with immediate effect.
He said unjustified levies like withholding tax are discouraging the new taxpayers and obstructing the expansion of tax net. The Federal Board of Revenue and Senate Standing Committee on Finance should take immediate notice of this longstanding issue that is causing trust deficit between the business community and the government, he asserted.
He stressed the urgent need for introducing pro-poor, business-friendly, export-and growth-oriented monetary policies to help strengthen the national economy on sound footings besides restoring the confidence of foreign and local investors.
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