PESHAWAR
\nSarhad Chamber of Commerce and Industry president Fuad Ishaq demanded handing over Peshawar Electric Supply Company (Pesco) and Sui-Northern Gas Pipeline Limited (SNGPL) to the military, what, he said, these institutions can only fix by the military.
\nElectricity theft in Pesco is 50 percent while SNGPL line losses were 47 percent, of which, the poor masses and business community are bearing the brunt, Fuad said.
\nHe demanded a 50 per cent reduction in income, sale tax and excise taxes for the next 20-year.
\nSimilarly, he asked the government to allow duty-free import for new industries and Balancing, Modernization and Replacement (BMR).
\nThe chamber president said KP is surplus in electricity and gas production.
\nSCCI demands gas rate should not be more than Rs1250MMBTU and also electricity shouldn\u2019t be charged more than Rs9 per unit, because hydel production rate from Rs2 to Rs3 per unit in Khyber Pakhtunkhwa.
\nInstead of burdening the existing taxpayers, Fuad asked that the tax-base should be broadened by bringing new people under the net.
\nThe SCCI chief said the business community has serious concerns over the 25 to 26 percent tax on transfer of properties and asked the government to review it.
\nFuad Ishaq made these demands while speaking during a Budget-related Advisory Meeting during the visit of Federal Tax Ombudsman Dr Asif Mehmood Jah (Sitare-Imtiza, Sitare-Hilal) here at the chamber house on Friday.
\nMeeting was attended by SCCI Senior Vice President Sanaullah Khan, Vice President Ejaz Khan Afridi, former president of the chamber Malik Niaz Ahmad, FTO Media and Custom Coordinator and SCCI former SVP Ziaul Haq Sarhadi, Advisor FTO (Income-Tax) Khyber Pakhtunkhwa Sardar Ali Khawaja, Legal Advisor FTO Islamabad Almas Ali Jovindah, Legal Advisor FTO (Customs) Ziauddin Wazir, Deputy Advisor Shahid Nawaz, executive members of the chamber Muhammad Ismail, Qurat Ul Ain, former vice president Shuja Muhammad and Syed Aftab Hayat, Waqar Ahmad, Faiz Rasool, Rashid Siddique, Nisar Ahmad, Saddar Gul, Fazle Wahid, traders, industrialists and representatives of business community.
\nFuad Ishaq called for bringing down the markup rate to single digit meaning 9 per cent.
\nHe demanded 224 items duties\/tariff should be equalized with Afghanistan and Iran so smuggling of these items would be eliminated.
\nIn order to import these 224 items, he said permission should be granted to buy dollars from a third country or open market and then allow them to re-export.
\nHe urged the FTO to take further measures to facilitate and provide relief to the business community.
\nFuad Ishaq said it is highly alarming that Pakistan is paying Rs8 Trillion as interest on loans. He said KP was declared a red-zone by commercial banks, stating that banks deposit ratio is nearly 16 percent in the province against its lending ratio less than one percent, which is completely unfair and unjust.
\nHe said KP is generating Rs1 Billion annually on head of vehicle registration while Islamabad is earning Rs 20 Billion every year through vehicle registration.
\nHe suggested the issuance of national number plates for vehicles across the country.
\nLater, the FTO Asif Mehmood Jah while responding to various queries, assured that his institution would continue its facilitation services and provision of relief to the business community to any extent.<\/p>\n","protected":false},"excerpt":{"rendered":"
PESHAWAR Sarhad Chamber of Commerce and Industry president Fuad Ishaq demanded handing over Peshawar Electric Supply Company (Pesco) and Sui-Northern Gas Pipeline Limited (SNGPL) to the military, what, he said, these institutions can only fix by the military. Electricity theft in Pesco is 50 percent while SNGPL line losses were 47 percent, of which, the […]<\/p>\n","protected":false},"author":2,"featured_media":409227,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-409218","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n