Budget proposals: Govt asked to reduce tax rates

Secretary General Zubair Tufail said a just taxation system will encourage compliance and discourage corruption

ISLAMABAD:

Budget suggestions have continued to pour in as time for its announcement comes closer.

The United Business Group of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday asked the government to reduce tax rates in the upcoming budget.

It called for waiving all taxes on the establishment of new industries, which would help reduce unemployment and boost exports, according to a press release.

“Government should also waive taxes on the import of plant and machinery to trigger industrialisation in the country,” said its Secretary General Zubair Tufail.

He added sectors enjoying undue tax relaxation should be brought into the tax net and those evading taxes should be dealt with according to the law. “A just taxation system will encourage compliance and discourage corruption, which can boost government income to Rs5 trillion per annum.”

Published in The Express Tribune, May 3^rd, 2016.

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