FPCCI Terms Federal Budget As Balanced, Tax-free

FPCCI terms federal budget as balanced, tax-free

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday termed the federal budget for fiscal year 2021-22 as balanced and no new tax was imposed

LAHORE, (UrduPoint / Pakistan Point News - 12th Jun, 2021 ) :Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday termed the Federal budget for fiscal year 2021-22 as balanced and no new tax was imposed.

FPCCI President Mian Nasser Hyatt Magoo, Senior Vice President Khawaja Shahzeb Akram, Regional Chairman Chaudhry Muhammad Saleem Bhilar, Former President Mian Anjum Nisar, Vice President Athar Sultan Chawla, Adeel Siddiqui, Hanif Lakhani, Irfan Iqbal Sheikh, Muhammad Ali Mian and other leaders stated this while addressing a press conference.

They said that proposal to fix the value of turnover had also been accepted. The Alternative Dispute Resolution Committee (ADRC) had a significant issue addressed, and the ADCR will now be bound to decide within 60 days. The government was requested to issue an immediate notification as per the announcement regarding ADRC.

Zero ratings of the IT industry, which was an excellent initiative, will increase exports. The economic zones will also boost industrial sector.

The government, in consultation with the FPCCI, should prepare a simple tax form before June 30.

Molasses is used as a raw material for making ethanol. It is subject to a 15 percent regulatory duty to earn more foreign exchange by adding value.

The 15 percent regulatory duty should not end.

"We don't want a mini-budget to come two months later and taxes to come out openly," he added.

The tax evaders should be taken to task and those paying taxes should be facilitated to the maximum to encourage the people to become filers as FBR required to increase the tax net, they said and demanded for issuing a policy regarding non-payment of taxes.

FPCCI also called for taking effective measures to control the price of sugar that was a basic commodity for everyone. The office-bearers also urged the government to focus on ways and means which could reduce the power tariff, asserting that special funds should be allocated for agriculture as innovation in agriculture was necessary for food security, improvement and reduction of its prices.

The FBR officers must record in the ACR how many new taxpayers they had added to the tax net because business community do not want some people to pay taxes and bear more burden, while some people not to pay taxes. The fix tax proposal for shops should be considered. Subsidy given to the construction sector should be extended till December 31, they demanded.