ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday called for a growth-oriented budget 2024-25 for the trade and industry and also prioritized export-led growth.
The FPCCI suggested the government tax reform for broadening the tax base to revive the businesses in Pakistan and also urged for holding thorough consultations with all stakeholders including the business community on the upcoming federal budget.
Chairman FCCPCI Capital Office, Karim Aziz, said that in consultation with the business community across the country, FPCCI has finalized its budget proposals, which have been sent to the relevant ministries and called upon the government to incorporate them in the federal budget 2024-25, according to APP.
He said that their implementation would address the important issues of trade and industry, facilitate better growth of business activities, improve tax revenue of the government and help in the revival of the economy.
Taxation in Budget
He emphasized the need for reforming and simplifying the taxation system in consultation with the real stakeholders.
He said that the private sector wanted to supplement the government’s efforts, focusing on the economic revival of the country, adding that joint proposals would help make the budget business-friendly, which would ultimately result in robust export-led growth.
He urged the government to focus on ease of doing business in the budget, which would help attract the much-required investment to trigger economic growth in the country.
Karim Aziz added that the government is highly appreciative of the contribution of the traders and the business community towards strengthening the national economy and promoting tax culture.
He said the budget for the upcoming financial year should feature a balanced tax collection approach and the government should adopt a strategy for the documentation of the economy.
