All Major Chambers Of Commerce Ready to Help Increase Tax Revenue

Industry

Presidents of the country’s major chambers of commerce met Prime Minister Imran Khan in Islamabad. The meeting is part of a series initiated by the Ministry of Commerce to exchange ideas and raise awareness on government policies between the government and the business community.

The meeting was attended by the President of Federation of Pakistan Chambers of Commerce and Industry as well as Presidents and Vice Presidents of Chambers of Commerce of Karachi, Lahore, Peshawar/KPK, Quetta, Gujranwala, Sialkot, Faisalabad, Gujarat, Multan, Sargodha, Gwadar, Islamabad, and Rawalpindi. Federal Ministers, Hamad Azhar, Makhdoom Khusro Bakhtiar, Advisor on Commerce and Investment, Abdul Razzaq Dawood, Special Assistant, Dr. Shahbaz Gill, Governor State Bank of Pakistan, Dr. Raza Baqir, and concerned officials also attended the meeting. Finance Minister, Shaukat Fayyaz Tareen, participated via video link.

The participants praised Prime Minister and his economic team for the successful economic policies in the country despite the COVID-19 outbreak, which has led to a GDP growth of about 4 percent, and a 15 percent increase in large-scale manufacturing. They also commended SBP for providing facilities to the export industry, incentives for medium and small-scale industries (including machinery loans), and for taking along to Uzbekistan business community to benefit from Uzbekistan’s trade potential. They also congratulated the Prime Minister on the increase in tax revenue, exports, and remittances.

In addition, the participants appreciated the initiative of the incumbent government to listen to the suggestions of the business community directly to solve their problems. Moreover, the gap between government and the business community, as there has been no such initiative in the past, was also mentioned, which created obstacles in the way of business in the country.

Further, the participants in the meeting also expressed that the business community is ready to pay taxes and collaborate with the government to reform the tax system.

Stressing on the importance of industrial development to strengthen the country’s economy, Prime Minister said that the government is facilitating industries to increase exports, which would not only reduce the trade deficit but also increase foreign exchange reserves in the country and generate employment opportunities.

He further said that reforms are underway to improve the tax system, consultation in this lieu with all stakeholders will be beneficial for the process.

The Prime Minister directed the Federal Ministers to hold regular meetings to keep in touch with the stakeholders and listen to their suggestions and issues. Furthermore, the Prime Minister said that a strategy for the development of the tourism industry, a comprehensive agricultural plan for the development of the agriculture sector, and incentives are being provided to the industries.

The incumbent government, after providing facilities to the industrialists and the business community, is now focusing on efforts to solve problems through consultation.

 

Source: Pro Pakistani

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