ICCI for expanding tax base to lower fiscal deficit

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) on Monday called for expanding tax base to lower fiscal deficit.

Asad Farid, acting President of the ICCI, said that the government should continue its efforts to maintain financial discipline instead of borrowing from the State Bank of Pakistan that already went up in FY2011-12.

"The government should regulate its public spending and pursue a sound fiscal policy that could also help in reducing current account deficit", Asad added.

He opined that all the political parties in the present democratic set-up should work jointly for improving the country's economy rather than making unnecessary expenditures.

He said that fiscal deficit could have been lowered by increasing the government revenue for which effective measures were needed to expand the tax net. All sectors should be brought under the tax net.

He said urged the government to initiate comprehensive fiscal reforms and widen tax base to curtail huge fiscal deficit and borrowing from the central bank.