APCPC urges to share info over CPEC’s indutrial zones development project

BHURBAN, Jan 24 (APP) : All Pakistan Chambers Presidents’ Conference (APCPC) Tuesday urged the government to share information about fourth part of China Pakistan Economic Corridor (CPEC)’s industrial zones development project with business community across the country.
Addressing the APCPC’s concluding session, President of Rawalpindi Chamber of Commerce and Industry (RCCI) Raja Amer Iqbal said the government should discuss with Chinese counterpart to evolve a policy to have joint ventures between China and Pakistan for long lasting win-win cooperation.
He proposed that through memorandum of understandings with China, labor intensive industry should be relocated in Pakistan to boost the local employment.
He said tax rate should be rationalized and widened rather to focus on Gross Domestic Product (GDP).
The RCCI president said sales tax rate should be reduced to a single digit bringing it at par with some of its neighboring countries.
He said a committe had been constituted comprising one member each from all chambers across the country under his presidency which would discuss issues particularly regarding the CPEC’s industrial zones.
He said a package discussed for Chinese industrialists should also extended to Pakistanis.
Raja Amer Iqbal said direct taxation was the only principal of progressive taxation while the indirect taxes, especially on essential items at the higher rate of 17 %, is against the equitable taxation.
He opined the essential items, locally manufactured should be free from indirect taxes like medicines etc.
The two-day 9th APCPC moot adopted joint declaration with an aim to promote business and trade activities throughout the country as without a stable economy the goal of self sufficiency could not be achieved.
The APCPC, hosted by RCCI, adopted five points agenda including focus on CPEC and decrease the ratio of Sales Tax to single digit, reduce public debt, increase tax net, tax base and poverty reduction.
The conference was attended by senior Vice President Rashid Waien, Vice President Asim Malik, Group Leader Suhail Altaf, S.M. Naseem, former presidents, members of the executive committee, civil society and a large of traders and industrialists.