Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has initiated an exercise to prepare budget proposals for the next financial year (2015-16). In this regard, trade bodies and chambers have been directed to forward their suggestions to the FPCCI for their incorporation in the next fiscal year's budget proposals.
It has become a regular feature on the part of the FPPCI to hold a series of dialogue with different stake-holders so that the budget proposals could be made in the light of their suggestions.
In a circular issued to the trade bodies and chambers, the FPCCI stated that their proposals and recommendations would help increase revenue, ratio of Gross Domestic Production (GDP), broaden tax base, facilitate resource mobilization, besides enhancing business activities.
The proposals and recommendations should also identify the harsh provisions in Income Tax Ordinance 2001, Sales Tax Act 1990, Customs Act 1969 and Federal Excise Act 2005, the circular added.
The proposals and recommendations should also be aimed at bringing an end to the menace of smuggling and discouraging under-invoicing, the FPCCI circular further suggested.
Moreover, suggestions should, on the one hand, encourage export-oriented industries and facilitate imports and, on the other, they should discourage black and parallel economy and help increase savings and investments.
Comments
Comments are closed.