President Junaid Altaf highlights tax-anomalies, calls for consistency and transparency, reduction in tax-rate, and glitches in the online system
\n PESHAWAR
\nSarhad Chamber of Commerce and Industry presented comprehensive proposals to reform the existing taxation system, elimination of anomalies and duplicity, and harsh actions to make the upcoming federal budget \u2013 a growth and investment oriented for next fiscal year.
\nThe proposals were unveiled by SCCI president Junaid Altaf during an inaugural session on gathering budget recommendations for FY Budget 2025-26 from business community and stakeholders under auspices of the Federal Tax Policy Office, held at chamber house, said in a statement here on Wednesday.
\nDirector General Trade of the Tax Policy Office Islamabad Dr Najeeb Ahmad Memon, and Directors Mr Ejaz and Naeemul Hassan were the keynote speakers of the inaugural session.
\nThe Tax Policy Office has initiated the consultation from Khyber Pakhtunkhwa and to get valuable inputs from chambers and stakeholders for the upcoming fiscal budget.
\nThe session was attended by the chamber vice president Muhammad Nadeem, vice president Sabir Ahmad Bangash, Chairman of the SCCI Standing Committee on Inland Revenue and former president Zahidullah Shinwari, Chairman of the SCCI Standing Committee on Income Tax and former president Haji Muhammad Asif, former president Fuad Ishaq, IAP former president Zarak Khan, members of the executive committee Sajjad Zaheer, Gul Zaman, Aftab Iqbal and Adnan Nasir and former senior vice president and Chairman of the SCCI Standing Committee on Bilateral Trade with Afghanistan, WCCIP President Qurtul Ain, and Syed Ejaz Ali Shah, Sikandar Iqbal, Mushtaq Ahmad, Ishtiaq Paracha, Ihsanullah, Sanan Sethi, SCCI Secretary General Muqtasid Ahsan, and Fazal Wahid, traders, industrialists and importers and exporters.
\nPresident Junaid Altaf while chairing the session welcomed the holding of the inaugural session in consultation with the business community for FY budget 26 by the Tax Policy Office, emphasizing the need of incorporating the chamber\u2019 proposals in the budget, presenting a business-friendly budget.
\nSCCI chief stressed consistency, transparency, simplification and deletion of serious anomalies in the taxation system to ease difficulties of the business community.
\nHe called for reduction in high tax rate, abolishment of complication and online glitches in the system to timely filing of returns, besides, phase-wise implementation of POS system.
\nPresident Junaid Altaf highlighted serious concerns about the digital invoicing system, stating that the business community was being faced with enormous difficulties since the introduction of the new digitalization system.
\nOn the occasion, SCCI chief also presented several proposals relating to broadening of tax-base, not overburdening the existing taxpayers, reduction in corporate tax 29 percent, GST 18 percent, stating that it is highly crucial to bring easiness in growth and export.
\nZahidullah Shinwar, who is heading the chamber standing committee on Inland Revenue pointed out a number of anomalies in the sale tax, income tax, and anti-business initiatives in customs and asked for implementation of consistent and vibrant tax policy.
\nExpressing serious concerns over various sections and clauses of federal tax laws, they stated that the system is making taxpayers non-filers, causing irritants and delay in filing tax-returns, and presented proposals to address them amicably.
\nHaji Muhammad Asif, who is also heading the SCCI Committee on Income Tax, gave his valuable inputs, calling for revisiting the export policy, improvement coordination with the Ministry of Commerce to enhance export, stressed for reconsidering the current sale tax rate and simplification of the registration process.
\nExpressing concerns over growing unemployment, de-industrialization and decline in export, Muhammad Asif said the tax-base would be only widened by providing facilities to existing taxpayers.
\nHe viewed export not only bringing a massive forex exchange but it has also contributed to run the wheel of industry, calling for regularizing the trade with neighbouring countries in Pakistan currency.
\nFuad Ishaq, former president said the entire taxation system required a major surgery and overhaul to broaden the existing tax-base, stating the sale tax input and output adjustment system has failed.
\nHe highlighted the major cause behind the documented and undocumented economy, calling for the adopting UAE model and equalizing tariff of 212 items to enhance trade and export, saying that the trade volume would improve if it allows the trade in Pakistan currency with Afghanistan.
\nSajjad Zaheer, expert and executive member also shared various figures, anomalies and drawbacks in various sections and clauses of tax laws and called for framing and implementation of a decade-long tax policy.
\nOther speakers including senior vice president Muhammad Nadeem, executive members, traders, industrialists and importers and exporters also spoke on the occasion and presented a number of proposals to modify and rectify various sections and clauses and make the upcoming fiscal year budget for business-friendly and growth-oriented.
\nLater, DG Tax Policy Officer Dr Najeeb Memon assured to incorporate the chamber\u2019 proposals in the next fiscal budget and emphasized the SCCI and Tax Policy Office should jointly identify the anomalies in tax laws and close coordination\/liaison between them to sort out a durable and sustainable solution of traders\u2019 issues.
\nSenior officer said the government is taking proactive steps to simplify and ease the system and assured further improvement will bring in the light of the chamber\u2019 recommendations.<\/p>\n","protected":false},"excerpt":{"rendered":"
President Junaid Altaf highlights tax-anomalies, calls for consistency and transparency, reduction in tax-rate, and glitches in the online system PESHAWAR Sarhad Chamber of Commerce and Industry presented comprehensive proposals to reform the existing taxation system, elimination of anomalies and duplicity, and harsh actions to make the upcoming federal budget \u2013 a growth and investment oriented […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-524348","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n