Taxes by business community can help fund allocation for development: President

ISLAMABAD: President Dr Arif Alvi on Thursday said business community could play an important role in the economic development of the country and urged the traders and businessmen to pay taxes to enhance revenues.

Talking to a delegation of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) led by its President Mian Nasser Hayatt Maggo here at Aiwan-e-Sadr, today, the president said tax collection could help allocate more funds for development projects for the benefit of people.

President Alvi said the government was committed to providing a competitive and fair business environment to entrepreneurs and had undertaken a number of measures to build a sustainable economy.

He said that the federal government, despite the financial constraints, had supported the business community by providing them Rs 1.2 trillion financial stimulus package.

He said the government had given incentives to depressed segments of society by providing financial assistance to 15 million families under the Ehsaas Emergency Cash Transfer Program during the COVID-19 pandemic.

He added that the government was also focusing on the economic empowerment of women and persons with disability by providing them incentivised loans at five percent mark up.

The delegation apprised President Alvi about the problems being faced by the trader community and proposed to further simplify the taxation procedure and provide enabling environment for business community.

The President appreciated the role of business community for their contributions towards the socio-economic progress of the country and assured them of extending all possible support to resolve their issues.