LAHORE: Pakistan Business Forum (PBF) has called on the federal government to restructure the Federal Board of Revenue (FBR) and increase the use of technology.
The forum has stated that the government should introduce a new, simple, and easy-to-use one-page tax return form. Before passing new tax laws, efforts should be made to ease the process of filing taxes. The category of non-filers is also a creation of the government’s own making.
Ahmad Jawad, Vice President of the Pakistan Business Forum, mentioned that they are sending a draft of a simpler tax return to the government. He noted that the reason for the lack of growth in the number of tax filers is the complicated tax filing system.
He further added that tax reforms and the strengthening of the currency should be part of the 5-year “Uraan Pakistan” programme. Granting broad powers to the tax authorities to enforce the proposed new tax laws would lead to increased public unrest.
“The forum emphasised that the proposed new tax bill must also be viewed in the context of the Constitution of Pakistan.”
Jawad also stated that if everyone agrees on four or five key issues, including the Charter of Economy, the pace of economic growth would accelerate. He stressed that the country’s GDP will only reach 8% when agriculture contributes 5% to the economy.
The PBF has further described 2024 as the difficult year for both the business community and the public, urging the Finance Minister to announce a clear and actionable economic roadmap for 2025.
In a letter to Finance Minister Muhammad Aurangzeb, the PBF appealed for the announcement of a clear and practical economic roadmap for the coming year. The Forum highlighted that 2024 has been a challenging year due to high electricity bills and interest rates, which have severely affected the business community. It also pointed out that Pakistan is no longer a business-friendly country, emphasizing the need for a collective approach to address these issues.
The letter further stated that despite the IMF programme, the Pakistani Rupee has failed to strengthen, and the government must take immediate and decisive actions to stabilize the currency. Without strengthening the Rupee, efforts to reduce financial pressures will remain ineffective.
The Forum also mentioned the severe challenges faced by farmers in 2024, with many unable to recover their production costs. The wheat sowing target in Punjab was 16.5 million acres, but only 12 million acres were cultivated.
Additionally, the letter stressed the urgent need for a national economic charter, backed by broad political consensus and civil society support. The Forum urged all major political parties to come together to form an agreement on policies for the betterment of the nation.
Copyright Business Recorder, 2024
Comments
Comments are closed.