The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday held its third budget session seeking proposals from its members for the federal and provincial budgets 2015-16. Chairman/Vice President Khawja Zarar Kaleem, who chaired the budget meeting at its regional office, has said the proposals should focus on the sales or value-added tax income taxes, federal excise and Customs duties, rationalisation of taxes and duties and the withholding tax regime.
He also said, "For a greater interaction with trade and industry associations and to prepare workable proposals for the upcoming budget, the federation has started working on sound footings which will be workable for the government. The tax system should be simplified, consisting of one page and printed in Urdu, NTN may be issued before staring any business. Smuggling and under invoicing are damaging our local importer or industry it should be controlled strictly."
Former president of LCCI Sheikh Muhammad Asif said, "If the sales tax is levied at the rate of five percent on the zero-rated sectors - textile, leather, carpet, sports goods and surgical instruments - it will prove as the last nail in the coffin of export-oriented industries."
He then showed his dismay that although the country had achieved the GSP Plus status around 40 percent value-added textile industry had already been closed, causing further decline in export and unemployment in the sector. He finally said the federation had appealed to Federal Finance Minister Ishaq Dar to consider taking effective measures in the budget to promote national export.
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