ISLAMABAD: The American Business Council (ABC) of Pakistan has put forward recommendations for documenting the country’s economy, focusing on tax reforms and improving the ease of doing business in the upcoming budget for 2024-25.
Aisha Sarwari, a Board of Director member of the American Business Council of Pakistan, made these remarks during the “Pre-Budget Proposal Seminar” organized by the Ministry of Commerce in Islamabad.
During the seminar, Sarwari emphasized the need for tax reforms that focus on taxing profits rather than turnover, aiming to restore investor confidence and expand the tax base. She highlighted the significant contributions of ABC members to the economy, with a collective gross revenue exceeding US$ 600 billion, directly employing over 130,000 people and indirectly supporting more than a million jobs in Pakistan.
Sarwari underscored the proactive role of the American Business Council in advocating for its members’ interests in trade and investment matters, serving as an effective channel for dialogue with the Government of Pakistan. She also mentioned ABC’s regular engagement with relevant government bodies to provide suggestions and input for improvement, ensuring that their concerns are considered in the annual Federal Budget and Trade Policy.
Regarding challenges such as illicit trade and smuggling, Sarwari proposed measures to discourage smuggling through tariff adjustments, which would positively impact government revenue, enhance Pakistan’s business environment, and attract more foreign direct investment (FDI). Additionally, she suggested restricting multinational corporations (MNCs) from importing products without approval from the parent company, aiming to strike a balance between promoting investment, broadening the tax base, and ensuring fairness in the tax system.
Established in 1984, the American Business Council of Pakistan serves as the voice of US businesses operating in Pakistan. Affiliated with the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and a member of the U.S. Chamber of Commerce (USCC) and the Asia-Pacific Council of American Chambers of Commerce (APCAC), ABC plays a crucial role in fostering collaboration between its members, businesses, and government entities of Pakistan and the United States.
