RAWALPINDI, MAY 14 (DNA) – The Twelfth all Pakistan Chambers Presidents Conference, organized by the Rawalpindi Chamber of Commerce and Industry (RCCI) has unanimously demanded that the sales tax rate, which is currently 17 per cent, be dropped to five per cent. The interest rate should be further reduced to four percent.
All types of income should be taxed and FBR should focus on new taxpayers and burden should not be placed on existing taxpayers for revenue collection.
The concessions given to the construction sector should be extended to other sectors as well.
RCCI President Saboor Malik, in opening remarks, said that the Chamber has been organizing the conference every year.
However, due to the Corona virus and the lockdown, the conference was held via video link, with more than 47 presidents from across the country attending via video link.
“The situation is extraordinary at the moment and extraordinary steps will have to be taken,” he said. He said that the definition of cottage industry should be changed and it should be exempted from sales tax.
Under the declaration, it was demanded that the source of income should not be asked for investment in any sector and Section 111 should be extended to all sectors.
Tax audits should be abolished. Petroleum products should be further reduced and the unit price of electricity should also be reduced. Appreciate the government’s scheme to defer utility bills, but improve the formula further. Involve stakeholders in policy making.
The declaration emphasized that healthcare and education should also be given industry status. Tax refunds should be released to meet the liquidity crises. A special Covid 19 concession package should also be announced for women.
The tourism sector has been severely affected and a package should be announced for this sector too. Corporate tax rate should be reduced to 20%.
Eliminate port charges. Focus on agro-based industries and form a special task force for food security. Cotton production has been affected. A new policy should be formulated regarding seed procurement.
Receipts for EOBI and social security should also be deffered. Take steps to prevent smuggling. Group leader Sohail Altaf, former presidents, senior vice president Nosherwan Khalil Khan, vice president and executive members were also present on the occasion.=DNA