Traders' bodies including Karachi Chamber of Commerce and Industry (KCCI) have initiated compiling proposals for the budget 2013-14 to be submitted to Federal Finance Ministry and Federal Board of Revenue (FBR) for their consideration and adaptation. The trader bodies making efforts to propose measures to curb revenue leakages and invited proposals/suggestions or any grievances from members.
Trader bodies have played an important role every year in preparing various changes in the Federal Budget in order to achieve a very fine balance between diverse objectives. Trader bodies have advised their members, representative bodies of trade and industry, and tax professionals to submit their valuable views and suggestions as soon as possible to enable them to finalise Pre Budget Proposals for 2013-2014 for onward submission to the Government of Pakistan, related to following issues:
1. To get incidence of taxation reduced on trade and industry by suggesting changes in tax rates, in order to have a positive impact on trade and industry as well as to enhance government tax revenue;
2. To suggest measures which facilitate import through legal channels and curb under invoicing, smuggling through transit trade and other illegal means;
3. To suggest measures to boost foreign direct investment and foreign exchange reserves;
4. To suggest how to rationalise taxes on corporation and individuals in judicious manners, that would result in increased investment and in competitive environment;
5. To suggest changes in customs duties with respect to trade and industry, benefiting both;
6. To suggest ways and means to simplify procedure related to direct and indirect tax laws;
7. To suggest specific measures to boost exports, and export related industries;
8. To suggest fiscal incentives, the government should provide to facilitate exports to (especially value-added), services (information technology, etc), and SMEs;
9. Business committee should also furnish suggestions to increase Tax to GDP ratio, and sources to generate revenue for government, which is much needed in the current scenario.
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.
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