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PESHAWAR, Jan 07 (APP):Sarhad Chamber of Commerce and Industry (SCCI) presented comprehensive proposals to reform existing taxation system, elimination of anomalies and duplicity, and harsh actions to make the upcoming federal budget a growth and investment oriented for next fiscal year.
The proposals were unveiled by SCCI president Junaid Altaf during an inaugural session on budget recommendations for FY Budget 2025-26 from business community and stakeholders under auspices of the Federal Tax Policy Office, held at chamber house, said in a statement here on Wednesday.
Director General Trade Tax Policy Office Islamabad, Dr Najeeb Ahmad Memon and Directors Ejaz and Naeemul Hassan were the keynote speakers of the inaugural session.
The Tax Policy Office has initiated the consultation from Khyber Pakhtunkhwa and to get valuable inputs from chambers and stakeholders for the upcoming fiscal budget.
The session was attended by the chamber vice president Muhammad Nadeem, vice president Sabir Ahmad Bangash, Chairman of the SCCI Standing Committee on Inland Revenue and former president Zahidullah Shinwari, Chairman of the SCCI Standing Committee on Income Tax and former president Haji Muhammad Asif, former president Fuad Ishaq, IAP former president Zarak Khan, members of the executive committee Sajjad Zaheer, Gul Zaman, Aftab Iqbal and Adnan Nasir and former senior vice president and Chairman of the SCCI Standing Committee on Bilateral Trade with Afghanistan, WCCIP President Qurtul Ain, and Syed Ejaz Ali Shah, Sikandar Iqbal, Mushtaq Ahmad, Ishtiaq Paracha, Ihsanullah, Sanan Sethi, SCCI Secretary General Muqtasid Ahsan, and Fazal Wahid, traders, industrialists and importers and exporters.
President Junaid Altaf while chairing the session welcomed holding of inaugural session in consultation with the business community for FY budget 26 by the Tax Policy Office, emphasizing the need of incorporating the chamber’ proposals in the budget, presenting a business-friendly budget.
SCCI chief stressed consistency, transparency, simplification and deletion of serious anomalies in the taxation system to ease difficulties of the business community.
He called for reduction in high tax rate, abolishment of complication and online glitches in the system to timely filing of returns, besides, phase-wise implementation of POS system.
President Junaid Altaf highlighted serious concerns about the digital invoicing system, stating that the business community was being faced with enormous difficulties since the introduction of the new digitalization system.
On the occasion, SCCI chief also presented several proposals relating to broadening of tax-base, not overburdening the existing taxpayers, reduction in corporate tax 29 percent, GST 18 percent, stating that it is highly crucial to bring easiness in growth and export.
Zahidullah Shinwar, who is heading the chamber standing committee on Inland Revenue pointed out a number of anomalies in the sale tax, income tax, and anti-business initiatives in customs and asked for implementation of consistent and vibrant tax policy.
Haji Muhammad Asif, who is also heading the SCCI Committee on Income Tax, gave his valuable inputs, calling for revisiting the export policy, improvement coordination with the Ministry of Commerce to enhance export, stressed for reconsidering the current sale tax rate and simplification of the registration process.
Expressing concerns over growing unemployment, de-industrialization and decline in export, Muhammad Asif said the tax-base would be only widened by providing facilities to existing taxpayers.
He viewed export not only bringing a massive forex exchange but it has also contributed to run the wheel of industry, calling for regularizing the trade with neighbouring countries in Pakistan currency.
Fuad Ishaq, former president said the entire taxation system required a major surgery and overhaul to broaden the existing tax-base, stating the sale tax input and output adjustment system has failed.
He highlighted the major cause behind the documented and undocumented economy, calling for the adopting UAE model and equalizing tariff of 212 items to enhance trade and export, saying that the trade volume would improve if it allows the trade in Pakistan currency with Afghanistan.
Sajjad Zaheer, expert and executive member also shared various figures, anomalies and drawbacks in various sections and clauses of tax laws and called for framing and implementation of a decade-long tax policy.
Other speakers including senior vice president Muhammad Nadeem, executive members, traders, industrialists and importers and exporters also spoke on the occasion and presented a number of proposals to modify and rectify various sections and clauses and make the upcoming fiscal year budget for business-friendly and growth-oriented.
Later, DG Tax Policy Officer Dr Najeeb Memon assured to incorporate the chamber’ proposals in the next fiscal budget and emphasized the SCCI and Tax Policy Office should jointly identify the anomalies in tax laws and close coordination/liaison between them to sort out a durable and sustainable solution of traders’ issues.
Senior officer said the government is taking proactive steps to simplify and ease the system and assured further improvement will bring in the light of the chamber’ recommendations.