ISLAMABAD : Ahsan Zafar Bakhtawari, President Islamabad Chamber of Commerce and Industry has impressed the government to address business community’s concerns on priority basis to avoid further economic problems, adding that the increased fines and duties in the new Finance Act have instituted challenges for the business sector.
He stated that the business community is not afraid of paying taxes and duties, but these should be assessed on ground realities and the ease of the business community. He said that instead of imposing additional taxes on those who are already paying taxes, the tax net has to be widened, adding that policy inconsistencies are creating multiple problems and that the new two-tier appeal system may also erode taxpayers’ confidence.
He underlined the need for reviewing certain decisions of the Finance Act 2024, otherwise the business sector would badly be discouraged, leading to a decline in exports and remittances, adding that it is not possible for retailers to adopt the Point of Sales (POS) system, pleading the government to reconsider its policies to prevent the closure and relocation of industries.
The President ICCI further said that exports have been brought under the normal tax regime leading to harassment problems, while a 1% turnover tax on exports will still apply as a minimum tax and at the end of the year, additional taxes will be collected under the normal tax regime.