Islamabad
\nThe Rawalpindi Chamber of Commerce and Industry (RCCI) has submitted to the Federal Board of Revenue (FBR) a set of proposals for consideration and incorporation in the federal budget for 2022-23, stating that these proposals would help increase economic activity and widen the tax net thereby increasing the government revenue.
\nRCCI President Nadeem Rauf said that the proposals had been categorised into income tax, sales tax, Excess of FBR Powers and import and export with special focus on the documentation of the economy.
\nCurrently the rate of sales tax is 17% which is higher in the subcontinent, the rate should be reduced to single digit, he added.
\nHe strongly urged government to revert back the taxes imposed in the mini budget 2022 earlier in January this year by slapping 17% tax at the import stage on nearly 80 items. The majority of these items are essential goods and do not fall in the category of luxury goods.
\nHe further added that it is very unfortunate that the Government has imposed 17% GST on raw materials of the medicines; this has added more misery among the poor masses.
\nNadeem Rauf said that a 17% sales tax has been imposed on the import of machinery for renewable energy including solar, wind and nuclear power generation. This is contradicting the Government\u2019s policy on renewable energy as well as contrary to the global direction.
\nWe have only around 3 million people who are filing their income tax returns, out of which one million filed as zero. It is proposed that all the persons having industrial or commercial electricity or gas connections should be brought into the tax net.
\nThis is the era of technology, it is recommended to consolidate the entire Provincial and the Federal sales tax returns, he added.
\nPoint of Sales for retailers:
\nThe limitation of 1000 sq.ft is unjustified, this need consideration.
\nThe robust linkage between the Government and private sector boosts the economy, creates the friendly environment, generates employment, attracts investment and helps in the growth of SME sector.
\nWhile showing grave concerns on current economic condition of the country, President Nadeem Rauf demanded that \u201cAll the political parties should sign a charter of economy and follow a single economic manifesto that should be evolved in consultation with the stakeholders.
\nRCCI President Nadeem Rauf strongly recommended that harassment on the account of tax collection, registration and assessment must be stopped. The excesses (Section 38) have ruined the business activities and also damaged the repute of the businessmen. It is recommended that permission of Board is necessary and rules be made for the requirement to exercise this provision.
\nHe said that the treatment with the taxpayers under the grab of reduction in sales in not acceptable. The taxpayers are paying taxes from their hard-earned amounts, in rewards, the sealing of premises, is a deter.
\nIt is highly recommended that the sales tax may be imposed on fixed basis and may add this industry in to the 9th schedule of the Sales Tax Act, 1990 basis on the electricity consumption. This will reduce the documentation cost and will increase the revenue multi times.
\nThere is an urgent need to improve the trust level between the taxmen and the tax collector. We recommend that taxpayers shall be given respect. Higher taxpayers be given awards and recognition. Discounted rates besides dedicated treatments for the taxpayers in the, Hospitals, Airports, Schools \/ colleges \/ universities, Police and Privileged cards be offered.<\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad The Rawalpindi Chamber of Commerce and Industry (RCCI) has submitted to the Federal Board of Revenue (FBR) a set of proposals for consideration and incorporation in the federal budget for 2022-23, stating that these proposals would help increase economic activity and widen the tax net thereby increasing the government revenue. RCCI President Nadeem Rauf […]<\/p>\n","protected":false},"author":2,"featured_media":258025,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[6609,207,792],"class_list":{"0":"post-257986","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-budget-proposals","9":"tag-fbr","10":"tag-rcci"},"yoast_head":"\n