The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) has formally presented its budget proposals to the National Assembly's Standing Committee on Finance. The FPCCI's proposals were presented by Secretary General UBG Zubair Tufail and Vice President FPCCI Zafar Bakhtawari in a meeting chaired by MNA Qaiser Ahmed Shaikh.
Jahangir Tareen and Asad Umar of PTI, Syed Naveed Qamar and Dr Nafisa Shah of PPP, Mian Abdul Mannan, Fayyaz Sheikh, Ms Shazia Fatima, and Syed Mustafa Mahmood of PML-N, Chairman FBR Nisar Muhammad Khan and other top officials were also present in the meeting. While briefing the legislators, Zubair Tufail said that export sector should be declared zero-rated from July 01, import duty and sales tax should be waived on import of plants and machinery, and new industries established up to 2020 should be declared tax-free.
FPCCI's comprehensive proposals will trigger growth, create jobs and increase revenue. He said it has become very important to expand the tax base to reduce pressure on existing taxpayers, he added. Zubair Tufail also demanded steps to curb smuggling, under-invoicing and mis-declaration which have become a threat to economy. Chairman FBR said that the FPCCI's proposals are encouraging and he assured that dialogue will continue with the chambers and associations and their justified demands would be accommodated in the budget to ensure rapid economic growth.