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PIAF chief calls for tax-free budget to ‘achieve growth’ [The Nation] 29 Apr, 2017

LAHORE -  Pakistan Industrial and Traders Association Front (PIAF) Chairman Irfan Iqbal Sheikh has urged the government to announce a tax-free budget for the year 2017-18 to achieve high economic growth; as increase in number of taxes always discourage people to stay out of the tax net while cut in tax rates always expand the tax base.

The PIAF chairman raised this demand during a meeting held to discuss the upcoming federal budget 2017-18. He also called for simplification of taxation system and said a simplified and friendly taxation system would encourage businessmen to come into the tax net. “Our government should rationalise tax tariffs instead of making any increase in their rates,” he added.

The PIAF chairman said the economy cannot grow amid major issues including double taxation and undue delay in refund claims, therefore, the government must resolve such issues as soon as possible. He urged the Federal Board of Revenue (FBR) to pay attention towards issue of double taxation which has become a major hurdle in the running of smooth businesses. After the 18th Amendment, provinces have developed their own legislations and rules for the administration of sales tax on services.

He also urged the FBR to expedite releasing the stuck-up sales tax and income refund claims that is creating liquidity crunch for the industry. The FBR is hampering the growth of the most productive sectors by denying the exporters and manufacturers their right of refund of Sales Tax and Income Tax, he added. He said that the delay in release of huge funds that runs into billions has triggered serious liquidity crunch for the exporters and manufacturers that might lead to closure of several industrial units.

 

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