The government is already doing well for economic revival of the country and if it makes joint proposals of the chambers of commerce and industry (CCI) a part of its upcoming budget document, the country would definitely gain the momentum of growth.
Lahore Chamber of Commerce and Industry (LCCI) President Almas Hyder said that being a stakeholder, the business community of the country has deep sight and realization about the trade and economic issues and their solution. He said the Lahore Chamber has planned to give a set of joint proposals to the government for the budget document.
He said energy prices must be uniform in all provinces including electricity and gas as these are basic raw materials for the industry and any fluctuation in their prices directly affects the cost of doing business. He suggested that land should be offered to the foreign investors on 50 year lease only while option should be available for freehold and leasehold properties to the local investors. He said the additional sales tax of 3 percent for non-filers should be abolished which is actually an additional tax the on compliant tax payers.
The LCCI chief further said that discretionary powers under Section 177, 214C, 138, 175 of the (Income Tax) and 40B, 25 37, 38A, 40 and 48 of Sales Tax should be minimized in consultation with the stakeholders. There should be a single audit for sales tax, income tax and withholding tax. All incomes must be treated and taxed equally. He also called for reduction of public holidays and promulgation of taxpayers' bill of rights.
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