LCCI For Bringing Non-taxpayers Into Tax Net

The government will have to bring those people into the tax net who are not paying taxes

LAHORE, (UrduPoint / Pakistan Point News - 27th Jun, 2022 ) :The government will have to bring those people into the tax net who are not paying taxes.

Lahore Chamber of Commerce & Industry (LCCI) President Mian Nauman Kabir told media here on Monday that the existing taxpayers should not be over burdened as they were already performing their national duty by paying taxes.

Mian Nauman Kabir said that the stock market crashed soon after the announcement regarding imposition of 10 per cent super tax on the large industries, which according to him, are already paying hefty corporate tax of 29 per cent and generate millions of jobs in the country as well. It will be difficult to attract new local and foreign investments when the large industries were being charged 39 per cent tax, he observed.

The LCCI president said that major industries, including cement, steel, sugar, oil & gas, fertilisers, LNG terminals, textiles, banking, automobiles, cigarettes, beverages, chemicals and airlines will be affected. Furthermore, all the remaining industries will be subjected to four per cent additional tax and it will not be better for economy.

He suggested the avenues should be explored to broaden the tax net that is the only practical and concrete way to generate more tax without hitting the industrial sector.

The LCCI president said that the government must take the stakeholders on board while taking decision associated with the trade and industry.