SCCI Demands Measures To Broaden Existing Tax-base

President, Sarhad Chamber of Commerce and Industry (SCCI) Fuad Ishaq on Saturday demanded for taking further measures to broaden the existing tax-base

PESHAWAR, (UrduPoint / Pakistan Point News - 18th May, 2024) President, Sarhad Chamber of Commerce and Industry (SCCI) Fuad Ishaq on Saturday demanded for taking further measures to broaden the existing tax-base.

While giving proposals for fiscal year 2024-25, he said KP is a net exporter of electricity and gas, despite of the fact that other provinces are charged equal rates with other federating units, which is totally unfair and unjustifiable.

The KP's total oil production is 31000 barrels per day, which is 42 percent share of the whole country's oil production, Fuad said. He suggested for the the establishment of an oil refinery in Khyber Pakhtunkhwa wherein oil reserves were available in surplus quantity.

Fuad asked to revive IDBP for the provision of loans on easy terms to promote industry in the province.

He mentioned that from 30 to 32 billion Dollars through human resources were official and the same figure amount was unofficial in the shape of foreign exchange. Therefore, he called for launching a special technical training program for human resources of the country.

The conference was attended by presidents of all chambers of Pakistan, FPCCI office bearers and association presidents.

The SCCI president said that KP was producing 6500 megawatt electricity in which 2700 megawatt was utilized in summer and only 1100 megawatt in winter season, rest of the produced electricity exported to the national grid.

He said the U.S has imposed anti-dumping duty on China, there is an opportunity of 100billion Dollar export for Pakistan.

He asked the government to pursue Chinese investors to make investments and take benefit from 100billion dollar export that will promote industrial and economic activities in KP and create employment opportunities for many people in the province.

Giving examples of Bangladesh, Japan and Korea, Fuad said these countries open import and produce finishing products by getting raw material and then exporting and increasing their foreign exchange.

The SCCI chief expressed grave concern over payment of Rs 8 trillion interests on loans.

Talking about hydel, nuclear and thermal power, Fuad said all these resources expenditure is only Rs11 per unit but due to inefficiency of power distribution companies, thieves and growing line losses, Rs23 per unit has been increased in it, calling for steps for its eradication at government level.

The chamber president, while commenting on the increasing gas crisis and low pressure said that people have been forced to disconnect gas over high gas prices and use alternative sources of fuel.

Emphasizing the need of broadening tax-base through reforms, Fuad said according to rough estimates, nearly 30million people were paid various taxes in which salaried class also included and it is quite visible that only 120,000 members of the business community were paid over Rs 1 Million taxes every year.

The SCCI chief called for reviewing IPPs to overcome the current economic crisis.

He gave a proposal of issuance of all vehicle number plates at national level and to make distribution of income and tax-revenue as per population of the province.

He informed that KP was earning a revenue of Rs 1 billion on head of vehicle registration and taxes while Islamabad was gaining Rs 20 billion annually.

Earlier, the participants of the conference thoroughly deliberated on various proposals for FY budget 2024-25 and expressed grave concern over the huge burden of loans on the country.