President of Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain has suggested that a new tax revenue authority should be established keeping in view the issues of small traders according to their aspirations to widen the tax net and bring this segment into the mainstream.
He said the current tax amnesty scheme could not attract trading community as less than 3,000 people filed returns despite six extensions in the deadline. A new tax authority must be established with simple laws and procedures after consultation with small traders, he mentioned. Mian Zahid Hussain said that many countries have ensured development by focusing on small businesses, engine of economic growth.
Small and medium size business have 40 percent share in GDP, 30 percent share in exports and providing jobs to 80 percent people besides agriculture, he added.
A little attention can help 3.2 million SMEs to boost GDP which is already facing challenges like collapse of cotton crop and recent untimely rains.
He called for training, security, market information, cheap loans and information about latest trends to help SME sector which will reduce unemployment, boost output and exports and develop overall economy.