Islamabad: Sardar Yasir ilyas Khan, President, Islamabad Chamber of Commerce & Industry (ICCI) emphasized the government to improve the taxation system to increase the number of taxpayers instead of putting more burden on the existing taxpayers. He said that the business community is contributing significantly in the tax revenue generation and as a result this year FBR achieved a historic level of tax revenues of Rs.4732 bn in 2020-21 – surpassing the target of Rs 4691 bn which is 18% higher than last year.
The President ICCI said that the government should fully automate the taxation system to reduce people to people contact and take initiatives to make the taxation system easier for the taxpayers. He said that businessmen are paying huge amount of taxes but their contribution to the economy is not acknowledged and they are also not incentivized accordingly. SardarYasir said that with easing out of the taxation system and giving incentives to taxpayers, the tax net could be increased manifolds which would also help in releasing the pressure on the existing taxpayers.
President ICCI said that in order to incentivize the taxpayers and to increase the tax base, the government should allow self-assessment programs and mechanism, in which people would be willing to pay taxes based on their own comfort level. He added this will allow several taxpayers to become a part of the tax net which will increase the tax base.
