Budget proposals: Economic woes need to be addressed collectively

Business forum focuses on FDI promotion, FBR reorganisation

Our Correspondent April 26, 2016

LAHORE: With the budget announcement for next fiscal year just over a month away, the All Pakistan Business Forum (APBF) has started consultations for preparation of the budget proposals for 2016-17.

In this regard, a meeting was held under the chairmanship of APBF President Ibrahim Qureshi where several members of the forum’s executive committee were present.

“Promoting foreign direct investment (FDI), increasing the share of direct taxes in revenue and lowering the slab of indirect taxes will help achieve key economic targets in the next fiscal year,” commented Qureshi. He said, “all over the world the private sector plays a leading role as far as the economic policy framework is concerned, therefore, the APBF has also been playing its role to bring the country out of the economic mire through well-tailored budget proposals.”

He suggested that the government and private sector should be working together regarding minor and major economic issues so that they could be resolved swiftly.

The budget proposals will cover recommendations to incentivise investors, broaden the tax net through documentation of economy, simplify tax system and reorganise the Federal Board of Revenue (FBR). He said the APBF would also suggest that the sales tax slab should immediately be curtailed in order to reduce inflationary pressures.

Qureshi said that the APBF had evolved a two-pronged strategy for preparing proposals for the upcoming budget. As part of the strategy, all executive committee members have been asked to submit sector-specific details about the problems being faced by their respective businesses. Apart from this, a meeting of all trade and industry associations has also been convened to get their final suggestions for the 2016-17 budget.

Published in The Express Tribune, April 26th,  2016.

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