Businessmen decry ‘undue’ burden on traders

Call for cohesive, clear charter of economy to offer stability, guidance to business community

LAHORE:

A seminar, attended by influential business leaders in Lahore, emphasised the critical need for an economic charter in Pakistan’s current business climate. Expressing dissatisfaction with government measures, participants criticised what they perceived as an undue burden on traders despite purported relief initiatives.

The seminar, held in collaboration with the Chain Store Association of Pakistan (CAP), addressed challenges and delved into the prospect of a Charter of Economy, marking a pivotal moment in discussions about the critical need for a collaborative approach, inclusive policy-making, and responsive governance to alleviate burdens on the business community.

A focal point of the gathering was the call for an economic charter, with business leaders emphasising its potential role in navigating the challenging business environment. Discussions centred on the importance of such a charter in providing a cohesive and clear framework for economic policies, offering stability and guidance to businesses facing uncertainties.

Participants collectively voiced grievances, pointing to the intricate and unwieldy Federal Board of Revenue (FBR) system, requiring filing approximately 73 returns annually, a burdensome procedure testing the patience of traders.

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During his keynote address, CAP Chairman Rana Tariq Mehboob highlighted businesses’ formidable challenges post-COVID-19. He mentioned closures resulting from political rallies, electricity crises, smog, and security concerns. Notably, Mehboob drew attention to a tax rate exceeding 110% on commercial meters, characterising it as an additional business hurdle. Stressing unity among stakeholders, especially in formulating an economic charter, he envisioned it as a comprehensive guide.

President of the Grand Trade Alliance, Anwer Zahoor Butt, conveyed to the audience that government policies were being formulated without due consideration for input from relevant stakeholders, echoing a sentiment calling for a more inclusive and collaborative approach to policy-making.

Traders from the retail market underscored their vital role in the economy and expressed a commitment to continuing this role. However, they called upon the government to attentively listen to their issues and earnestly work towards resolving them. The seminar marked a critical juncture in advocating for a Charter of Economy, emphasising that collaborative efforts and policy adjustments are imperative for fostering a more supportive business climate.

Published in The Express Tribune, December 12^th, 2023.

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