FBR asked to accept FPCCI suggestions to spur growth

Lahore: The Federation of Pakistan Chamber of Commerce and Industry has formally presented its budget proposals to the National Assembly’s Standing Committee on Finance.

The FPCCI’s proposals were presented to the National Assembly’s panel by Secretary General UBG Zubair Tufail and Vice President FPCCI Zafar Bakhtawari in a meeting chaired by MNA Qaiser Ahmed Sheikh.

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 Mehmood of PML-N, Chairman FBR Nisar Muhammad Khan and other top officials were also present on the meeting.

While briefing the legislators, Zubair Tufail said that all 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 that 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 misdeclaration which have become a threat to economy.

All the key proposals were discussed in the meeting and all members of Standing Committee recommended to FBR Chairman to accept the FPCCI proposals for upcoming budget for strengthen economic activities in Pakistan.

At the occasion, Chairman FBR said that the FPCCI’s proposals are encouraging and he assured that dialogue will continue with chambers and associations and their justified demands would be accommodated in the budget to ensure rapid economic growth.

It may be mentioned that few days back FPCCI had also presented budget proposals to Finance Minister Muhammad Ishaq Dar.

Gulzar Feroz and Nasim Shafi of PTA were also present in the meeting.