Islamabad: The Islamabad Chamber of Commerce & Industry (ICCI) has finalised a series of proposals in consultation with the capital city’s business community for inclusion in the upcoming budget announcement, a news source reported. It recently shared its suggestions with the relevant departments and the government.
ICCI President Muhammad Ahmed Waheed said that the implementation of their proposals would boost business activities, enhance tax revenue for the government, and facilitate the revival of the country’s economy. He said that due to the negative impact of COVID-19, the government should reduce the policy interest rate and goods & services tax (GST) to five percent. He said that it would create job opportunities, minimise the costs of doing business, promote industrialization, and boost fresh investment.
Waheed said that the government should also reduce turnover tax u/s-113 to 0.25 percent or zero percent for the next three years. Additionally, he said that the government should delay the CNIC requirement for purchases in excess of PKR 50,000 till Jul 2022 in order to implement its ease-of-doing-business initiative.
