Traders propose measures for broadening tax net

Urge government to introduce special measures in upcoming federal budget

ISLAMABAD:

Islamabad Chamber of Commerce and Industry (ICCI) has urged the government to introduce special measures in the upcoming federal budget for the financial year 2024-25 for broadening the tax base by taking the business community on board, besides forming joint committees at district levels to address the challenges faced by local trade and investment.

Addressing a seminar on the ‘Tajir Dost Scheme’, ICCI President Ahsan Zafar Bakhtawari said the chamber had forwarded its budget proposals to the government and urged for incorporating these suggestions in the budget to flourish local trade and business.

He said the business community of the country was aware of the significance of the tax for economic development and it always remained at the forefront for ensuring full tax compliance for documenting the national economy and social prosperity.

The president termed the track and trace system as imperative to check those involved in tax evasion and underlined the need for large-scale reforms in the Federal Board of Revenue, besides privatisation of lossmaking government entities and promotion of exports to initiate a journey towards economic stability.

Demanding incentives in the budget to allure investors for strengthening the economy, he said the National Tax Number must be declared mandatory for opening of bank accounts and for the sale and purchase of properties, adding that supplies to retailers having no NTN should be stopped henceforth.

He urged for introducing a proper reward system to acknowledge outstanding business leaders and encourage them as well as to promote and develop the tax compliance culture in the country for achieving sustainable economic growth and social development.

Speaking on the occasion, Chief Commissioner of Regional Tax Office Abid Mehmood said so far 2,187 traders from the different markets of Islamabad had voluntarily registered under the Tajir Dost Scheme. He assured that there would be no harassment or threats hurling to traders for the purpose and that the doors of his office were opened for the community to facilitate it in the process.

He also expressed his gratitude to the ICCI president and his team for their cooperation on the subject and therein organizing the seminar.

Naeem Mir, Chief Coordinator of the Tajir Dost Scheme explained the salient features of the scheme and said that all the reservations of traders were duly addressed, adding that any complaint regarding the scheme would be addressed within a short time.

ICCI Senior Vice President Faad Waheed and Vice President Engineer Azharul Islam Zafar said ensuring tax compliance was the duty of every citizen as well as the traders and investors.

Published in The Express Tribune, June 8^th, 2024.