- FPCCI and UBG present joint 40 pre budget proposals to Federal Finance Minister for 2019-20 budget
FPCCI And UBG Present Joint 40 Pre Budget Proposals To Federal Finance Minister For 2019-20 Budget
Federation of Pakistan Chambers of Commerce andIndustry (FPCCI) and United Business Group (UBG) Wednesday jointlypresented a set of 40 pre budget proposals to Federal Finance Minister Asad Umar seeking special package of incentives
LAHORE (UrduPoint / Pakistan Point News / Online - 17th April, 2019) Federation of Pakistan Chambers of Commerce andIndustry (FPCCI) and United Business Group (UBG) Wednesday jointlypresented a set of 40 pre budget proposals to Federal Finance Minister Asad Umar seeking special package of incentives to accelerate the pace ofeconomic activities besides demanding curtailing discretionaries power oftax collectors in addition to relief in taxation, duties and income tax aswell as broadening tax base on top priority.FPCCI President Engineer Daroo Khan Achakzai unfolding the salientfeatures of proposals to media here Wednesday , he said that FPCCI and UBGsuggested the government to revamp taxation system on modern line toaccommodate the business community.
"The objectives of FPCCI budgetproposals are revamping taxation system, documentation of economy,employment generation through industrialization, promoting a responsive andequitable taxation system, infrastructure development and trickledowneffect of the fiscal space to the grass root level," adding he said thegovernment should reduce sales tax rate gradually from current 17 percentto single digit, to abolish all duty and taxes on the imports of allmachinery, to reduce further tax on unregistered person from three percentto one percent and imposition of taxes on final goods.
He proposed that customs duties on all raw materials should be low or zero.The government must eliminate regulatory duties and additional customs dutyon raw materials so that the local industry could compete with the smuggleditems and mitigate the effect of low tariff free trade agreements.
He saidbefore giving final shape to proposals, all affiliated chambers, tradebodies, associations and 20 members high level core committee of UnitedBusiness Committee headed by its Central Chairman Iftikhar Ali Malik weretaken into confidence.About current economic situation, Engr.
Daroo Khan Achakzai President FPCCIshowed his serious concern over the rising policy rate, increase inpetroleum product prices, decline in foreign investment and devaluation ofPakistan Rupees.