FPCCI seeks viable budget proposals from all chambers

ISLAMABAD, Apr 09 (APP):The Federation of Pakistan Chambers and Commerce (FPCCI), Tuesday sought viable budget proposals from all chambers for timely submission to federal government for fully ensuring growth oriented and business-friendly environment to boost the economic activities.

This was disclosed by FPCCI President Engineer Daroo Khan Achakzai at a meeting with SAARC CCI Senior Vice President Iftikhar Ali Malik here today,” says a press release issued here today.

He said that private sector of the country wants to supplement the government’s efforts aimed at economic revival of the country.
He said that joint proposals will help make budget document business friendly which would ultimately be resulted in a robust export-led growth.

He further said the FPCCI has approached the federal government to seek waiving off penalties for small traders, who have not been filing sales tax return but have been filing income tax returns, giving them the option to either de-register from the sales tax regime or resume filing the tax returns without penalties.

He said they will also demand that duty on primary raw materials, secondary raw materials, intermediate goods, semi-finished goods and finished goods should be levied on the basis of cascading duty structure.

Iftikhar Ali Malik urged the government to focus on ease of doing business in upcoming budget which will attract much needed investment to trigger economic growth in the country.

He said the government is highly appreciative of the contribution of the traders and the business community towards strengthening the economy and promoting tax culture.

He said the chambers have already proposed to the government that custom duties on all raw materials should be zero or low.
“Government must eliminate regulatory duties and additional customs duty on raw materials so that local industry can be able to compete with the smuggling and mitigate the effect of low tariff free trade agreements,” he added.

He further said that there should be exemption from audit for taxpayers who deposit 20 percent or more tax over the last year.
Iftikhar Malik said Prime Minister Imran khan’s dynamic leadership would help the country steering out of the quagmire of multiple crises. He also appreciated the government that the tradition of consulting the stakeholders before making important decisions would continue as encouraging the private sector is imperative for national development.

He also lauded the role of FPCCI President Daroo Khan for resolving the issues of the business community on exigent basis and he said budget proposals given by representatives of the business community would be consolidated and present to the government for due inductions in the federal budget 2019-20.

FPCCI in the light of proposal and recommendations of the chambers, affiliated trade bodies and association will consolidate its proposals to be presented to Prime Minister, Finance, Commerce and FBR and other relevant ministries for incorporation in the forthcoming federal budget.