Trader bodies including Karachi Chamber of Commerce and Industry (KCCI) has initiated compiling proposals for the budget 2012-13 to be submitted to Finance Ministry and Federal Board of Revenue (FBR) for its consideration and adaptation. The trade bodies making efforts to propose measures to curb revenue leakages and invited proposals/suggestions or any grievances from members.
KCCI has advised its members to submit their budget proposals by March 15, 2012, so that these should be examined and sent to the Federal Government for its consideration. Federal budget 2012-13 is scheduled to be presented in May this year instead of June.
During preparing suggestions for budget emphasis has been placed that relief in duty should be allowed only on industrial raw materials and capital goods meant for industrialisation and growth of economy while those finished goods which have already been produced locally should be excluded to safeguard the local industry and employment opportunities.
Presently there are significant economic sectors that are not in the tax net or not contributing to the national exchequer in fair proportion; efforts are being made to pinpoint these sectors and bring them under tax net and to have an equitable, just and transparent tax policy that can be implemented on all sectors of economy without any discrimination and can distribute the burden of taxes evenly.
In order to widen the tax base, the trade bodies are of the view that it is necessary to take effective measures against under-declared and tax evasions. Federal Board of Revenue (FBR) will have to tap new sources and enforce strict tax compliance, plug loopholes in taxation regime, broadening the tax-net for achieving the target.
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