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RAWALPINDI, Jan 21 (APP):An awareness session on tax policy was organized by the Rawalpindi Chamber of Commerce and Industry, with Dr Najeeb Memon, Director General of the Tax Policy Office, attending as the chief guest. The session was presided over by the Chamber’s President Usman Shaukat, who welcomed the visit of the Tax Policy Office and appreciated the initiative of consulting important stakeholders in the policy-making process.
During the session, participants highlighted various issues being faced by the business community and presented practical recommendations to address shortcomings in the existing tax framework. President Usman Shaukat pointed out that the tax rates imposed on businesses and the salaried class in Pakistan are excessively high. He added that the burden of high tax rates and super tax has significantly increased the cost of doing business, which is adversely affecting the country’s regional competitiveness.
Dr Najeeb Memon described the suggestions put forward by the Rawalpindi Chamber on tax reforms and policy matters as welcome and positive. He assured the participants that stakeholder consultation would be made an integral part of the policy formulation process.
The participants strongly emphasized the need to introduce incentives and recognition for compliant taxpayers. Among the key suggestions were the issuance of privilege cards for large taxpayers, special incentives for exporters, and measures to revive the construction sector. It was noted that the construction industry is linked to more than forty allied sub-industries and holds immense potential to boost economic activity across the board.
Serious concerns were also expressed over harassment faced by taxpayers in the name of audits, compliance checks and registrations. There was a unanimous call to modernize outdated tax frameworks and systems so that they align with current ground realities and modern requirements.
The participants further demanded that chambers of commerce should be given representation in the Tax Policy Advisory Boards. Detailed discussions took place on sector-specific issues related to poultry, real estate, gems and jewellery, furniture, pharmaceuticals and health services, and practical recommendations were presented to resolve those challenges.
The session was attended by a large number of Chamber members along with Group Leader Sohail Altaf, Senior Vice President Khalid Farooq Qazi, Vice President Fahad Barlas, members of the Executive Committee, former presidents, and representatives of various trade and professional bodies. Among the notable participants were Shahid Ghafoor Paracha from the Trade Associations, Faraz Fazal from the Tax Bar Association, and Shahzad Malik from ICMA.