Monday, April 15, 2024

The government has being encouraged to improve the tax system

President of the Islamabad Chamber of Commerce and Industry (ICCI), Sardar Yasir Ilyas Khan, stated that the government should reform the taxation system to increase the number of taxpayers rather than burdening the present taxpayers.

He claimed that the business community contributes significantly to tax revenue generation, and that as a result, the Federal Board of Revenue (FBR) achieved a historic level of tax revenues worth Rs 4,732 billion in 2020-21, surpassing the target of Rs 4,691 billion, which was 18% higher than the previous year.

According to the ICCI, the government should fully automate the taxing system to eliminate human-to-human contact and take steps to make the taxation system more user-friendly. According to Khan, businesspeople pay a lot of taxes, but their contribution to the economy isn’t recognized, and they aren’t compensated appropriately.

Khan emphasized that the FBR should make it easier for taxpayers by establishing specific business counters at airports, NADRA, CDA, RDA, and other significant government departments to provide them priority and preferential treatment.

He also suggested that the government develop separate cards for different types of taxpayers, such as gold, silver, and platinum cards, to treat them with respect and as if they were federal ministers.

“The government should keep chambers of commerce, industry, and associations in the loop in the consultative process for better and sustainable policy outcomes,” he urged.

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