He said that those elements must be exposed who are playing the role of facilitators to the anti-Pakistani elements by opposing the Kalabagh Dam. The country's biggest export-oriented textile industry is dependent on agriculture sector that is facing huge water deficit. He said that further delay in construction of Kalabagh Dam would further aggravate water and power situation.
Abdul Basit said that refunds and adjustments of income tax and sales tax have become the biggest issues and causing huge financial loss to the business community. He said that a system should be developed in this regard to reduce the worries of the business doing people. He informed the participants that government has accepted the LCCI proposals regarding double taxations and stuck-up refunds and these issues would also be resolved in Federal Budget 2017-18.
He said that tax system is complicated and burdensome which creates room for complicities between tax payers and the tax collectors. He said that number of taxes and frequency of paying taxes must be reduced. Moreover, taxes may be paid quarterly instead of every month.
Similarly, there should be electronic communication between the tax payers and tax departments. These proposals can make noticeable difference and win the confidence of tax payers. He said that government must ensure that concerned Chinese investors and companies engaged in CPEC must consider the indigenously produced inputs from Pakistan except those goods which are not produced locally. He said that the goods which are not manufactured / produced in Pakistan, for example, soybean meal and grandparents chicks should not be taxed.
The LCCI President said that bank accounts should not be attached without prior notice to the tax payer and after seeking approval in writing of Commissioner in the light of reply submitted by the tax payer. He said that the recovery should be after the decision of the Tribunal and not before that.
Copyright Business Recorder, 2017