ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) on Monday urged the government to expedite the process of rationalizing the tax rates as business community has many expectations from the upcoming federal budget.
"The industrial sector in Pakistan is paying heavy rate of taxes in comparison to its counterparts in the region", said Yassar Sakhi Butt, President Islamabad Chamber of Commerce & Industry (ICCI) in a statement issued here.
He also urged the government, to look beyond revenue generation and should ensure fairness of tax regime.
He was of the view that a significant percentage of the economy remains undocumented and operates outside the net. Proper documentation of all segments of the economy is essential if the Government intended to broaden the tax base and reduce burden of already taxed, he maintained.
The ICCI President said that the business community in the country was working under the most challenging environment and confronted several issues like regulatory over-burden, energy shortage and high cost of doing business.
Therefore, the government should provide relief to the industrial sector and business community by rationalizing the tax rates, he added.
Yassar Sakhi Butt underlined the need of drastic and innovative steps to bring other sectors of the economy into the tax-net which were currently not being taxed.
The ICCI President also stressed upon the Government to bring down the rate of turnover tax in the upcoming federal budget.
He said it was the need of the hour that the upcoming budget should be prepared with incorporating the proposals of the chambers and private business entities.
He said the government should extend full support to the business community and it should take the business community as a partner in the national development as both should work together for the betterment of the common man and the greater welfare of the society.
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