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KCCI makes recommendations for enhancing domestic trade

21
Apr '08
The outrageously high mark-up on industrial credit, alarming rate of unemployment and critical situation of cotton textile industry seems to have perennially eroded the national revenues of Pakistan.

To reverse the existing conditions, the Karachi Chambers of Commerce and Industry (KCCI), affiliated with the Federation of Pakistan Chamber of Commerce & Industry, has recommended widening of tax-net for bringing in more revenue to the national treasury.

KCCI has proposed that in the upcoming budget for 2008-09, the non-tax paying sectors should be brought under the purview of national tax regime.

The chamber also proposed that while number of taxes should be reduced, the number of tax payers must be increased by making National Tax Number applicable to all the sectors of the industry.

Experts have observed that world recession in economic and financial conditions have directly affected the economy of Pakistan as well.

Rising international prices have consequently hiked the cost of conducting business thereby reducing the competitiveness of Pakistani products in the world market. As a result, exports have witnessed a continuous drop while Government borrowing from bank and budget deficit has been on a persistent increase.

KCCI has contemplated that over the years, intolerably high indirect taxes has been forcing masses below the poverty line. Recommending a solution to this, the chamber proposed adoption of tax-payer friendly taxation environment that would help create a liberal tax culture and broaden the tax net by voluntary compliance.


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