Rawalpindi: The Rawalpindi Chamber of Commerce and Industry (RCCI) has submitted a set of proposals to the Federal Board of Revenue (FBR) for possible inclusion in the upcoming federal budget, a news source.
RCCI President Malik Shahid Saleem said the chamber has suggested measures which would help increase economic activity as well as widen the tax net.
The proposals comprise three categories: income tax, sales tax and custom duties. Furthermore, the chamber has stressed the need to document those sectors that do fall under the tax net.
With respect to income tax, RCCI has suggested broadening of the tax base. To facilitate this measure, it said, discretionary powers of inland department should be restricted.
Moreover, the government should introduce measures to incentivise exports, make relaxations to the cost of doing business, and improve the regulatory regime to facilitate exporters.
The chamber has also suggested exempting businesses from tax and audit during the first three years; up-gradation of Active Taxpayers List (ATL) on a weekly or monthly basis, and introducing policies that would make it mandatory for individuals to acquire NTN number or chamber membership prior to starting a new business.
