Business Community Ready To Support Achieving Rs 8000 Billion Revenue Potential; Says President ICCI

Business community ready to support achieving Rs 8000 billion revenue potential; says President ICCI

ISLAMABAD, (UrduPoint / Pakistan Point News - 27th May, 2021 ) :President Islamabad Chamber of Commerce and Industry (ICCI) Sardar Yasir Ilyas Khan here on Thursday said that the business community was ready to contribute in achieving Rs 8000 billion tax revenue for the country, provided the government facilitates the community in achieving this objective.

Structural reforms in Federal board of Revenue (FBR) would be necessary to enhance the efficiency of the tax system for promoting cordial relations between the tax collection institutions and business community of the country, which would also improve the Ease of Doing Business (EODB) ranking and overall business environment of the country, President ICCI said in an exclusive panel interview to APP.

He proposed that through the efficiency, transparency, accountability and coordination with the business community, the government can achieve the objectives of the current economic agenda.

Yasir Ilyas also stressed the need to enhance the coordination between the government and chambers of commerce to discuss the community proposal for upcoming budget 2021-22 to materialize the inputs of the business community in Budget. He also suggested the simplification of the tax collection process for filers saying that tax form should be simplified before June 30, 2021 and orientation should be provided to the general public, traders and the exporters.

He also recommended introducing a fixed tax rate of 2 percent to encourage new tax filers, which is to be encouraged through incentives. The old taxpayers should also be respected and facilitated by adding tax payers' counters at all state owned departments across the country.

The President ICCI also offered to reduce the tax on all potential sectors including small and large scaled manufacturing and reduction of import and custom duties on products, especially the products related to plant , machinery and all products related to construction, real estate, tourism, medical, agriculture or any industry related sector.

While appreciating the current, 'Tariff Policy' of the government, he said that growth in potential industries, especially value addition through the transfer of technology is dependent on the duties structure.

He said that Policy Rate should be reviewed and settled below 6 percent to provide better business opportunities for Small and Medium Enterprises (SMEs).

Replying to a question on the export potential of Pakistan, he said that Pakistan has an overall exports potential of US$150 billion by trade in various sectors including agriculture, tourism, textiles products and Information Technology for achieving the agenda of economic development and prosperity in the country.

Yasir IIyas said that Pakistan has huge potential in Agro-Industry and "We can develop Agro-Industry in the country to achieve the overall potential of US$100 billion export through the value addition in this sector.

He said to achieve the target of US$100 billion in agri-exports, the country requires the complete transformation of this sector through the modernization of the agriculture sector by using innovative machinery and tools adopted by the modern agro based economies.

He said that overall, Pakistan needed industrial competitiveness to compete with other regional and global players. "We need to enhance the quality of local products and provide competitive energy rates to the local industry," he added.

Replying to another question on the regional trade and economic integration with regional countries, he said that Pakistan has missed the overall Rs 70 billion trade potential with regional economies like Afghanistan, India and Central Asian States (CARs).

He also appreciated the transshipment policy of the government for enhancing the transit trade with the regional countries including Afghanistan, Uzbekistan and other Central Asian States. He said that trade and economic integration with regional countries were the key factors for connectivity and stronger ties with regional countries, which also boost the region as a global trading player like European Union(EU).

To a question about Pakistan's relations with untapped region of Africa and the government's 'Look Africa Campaign', he said Africa is a big potential market for local products and textiles, pharmaceutical and IT sectors to get huge opportunity to enhance the trade connection with African countries including the Kenya.

He informed that Pakistan has huge potential of increasing trade volume with African countries in textile products worth US$15 billion and in the Pharmaceutical sector worth US$9 billion and also more potential in IT products.

During talk with APP, Yasir Ilyas said that transfer of industries from the China will play key role for industrial development in Pakistan and briefed that the ICCI had plan and proposed the government to develop Industrial State in Capital city to provide conducive business environment to the local and foreign investors to contribute in country's industrial growth.

He said that for the construction of a new proposed Industrial State, the local business community would contribute Rs 5 billion to initiate these mega projects in Islamabad.

He informed that newly proposed industrial zones would be evolved at the same pattern of Special Economic Zones (SEZs) of China Pakistan Economic Corridor (CPEC) and "We would offer equal investment opportunities to the local and foreign investors in the Zone."The President ICCI said that this industrial zone proposed by the ICCI would be fully equipped with all modern facilities including one window operation (One-stop shop) for achieving the objective of Ease of Doing Business (EODB) in the country. He said that ICCI has planned to organize the two international exhibitions in real estate and also go for a defense expo, which is the biggest show in local business history. The ICCI is fully committed to the struggle for business rights of the local business community and we are engaged with the Capital Development Authority (CDA) to resolve the issues of local businesses", he expressed.