The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the government to introduce one-time amnesty on payment of 3 percent for those who opt declaration of their assets in and outside the country. Vice president of SAARC Chamber of Commerce and Industry Iftikhar Ali Malik and FPCCI regional chairman Manzoor-ul Haq-Malik raised this demand while addressing a press conference in connection with the budget proposals for the next financial year here on Wednesday.

The amnesty would help to bring back the assets from abroad besides accelerating economic activities. Similarly, amnesty for those who could not file sales tax returns should be announced, they added. There is a large number of people who regularly file income tax returns but could not file sale tax returns due to lack of business activities, they maintained.

They said the highest ratio of 17 percent sale tax in the region is the source of corruption, tax evasion, and smuggling in the country and urged the government to bring it down to a single digit. The FPCCI office-bearers also demanded of the government to charge advance tax at flat rate of 5 percent from commercial and 7.5 percent from the industrial gas users in the next budget. They also stressed the need for amending the law that empowers tax officials to conduct raids on business premises. They said the government should start one-window operation in all departments, make the tax return filing system easier, bring non-registered person into tax net and take solid steps for getting rid of power load shedding.

Copyright Business Recorder, 2017