Lahore : Government should develop trust of Taxpayers as Tax collection are revenues for country prosperity, health, education and other basic facilities awareness seminars and Workshops should be priority. Tax Submission process should be simplified and business friendly Instead of harassing Business Community. Trade Deficit needs to be control which is associated with Export promotions.
Budget 2018-19 should bring liberal investment policies for Infrastructure development, broadening tax base and creating jobs stated by Ch. Arfan Yousaf Regional Chairman FPCCI in a Meeting at Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional office Lahore today.
FPCCI welcomed the improvement in exports and remittances terming it good for the economy. It also lauded the government for curbing imports which will help reduce the trade deficit and ease pressure on forex reserves. An action against people involved in illegal recruitment and hitting hundi business will increase the volume of remittances which are catching up with exports, he said.
He said that country received 14.6 billion dollars in the first nine months of the current fiscal while exports remained 17.1 billion dollars. Increasing exports require a lot of efforts while increasing remittances require some steps, Arfan said, adding that the sector of remittances should be given attention.
He termed this government’s initiative as mega tax reform and hoped that it would attract more and more people to get registered with the relevant tax collection authorities.
Arfan said that foreign assets were useless for Pakistan but now these could be brought into the country with payment of only five percent tax that would ultimately ensure huge financial benefits to Pakistan. These foreign remittances would be used for creation of new employment opportunities as well as expansion of local industry on modern lines.
It was a good omen that the government had also accepted their long-pending demand of giving Computerized National Identity Card (CNIC) number the status of National Tax Number (NTN), he said.
Regional Chairman FPCCI said that some illegal recruiting agents are charging an amount equal to their one to two years of salary for sending them abroad which is discouraging workers. Those involved in the legitimate business should be encouraged and empowered, he said. Moreover, different taxes in the Arab countries have also discouraged workers who are now opting for other destinations, he said.
FPCCI lauded the government for amendment in the Protection of Economic Reforms Act barring non-filers from operating foreign currency accounts (FCAs).
Now the non-filers will not be able to conduct international transactions which will discourage illegal use of FCAs, it said. The decision of the government will help curb flight of capital and conversion of the black money into white.
He said that business community is very pleased with the change in the process of total audit. Now a businessman cannot be included in the list of total audit every year. A businessman who faced total audit will be exempted from it for the next two years.