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RCCI urge FBR to take stakeholders input for budget finalization

RCCI urge FBR to take stakeholders input for budget finalization

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has urged Federal Board of Revenue (FBR) to take stakeholders input while finalization the upcoming budget 2020-21.

Addressing a press briefing at Chamber house on budget proposals, All Pakistan Chambers Presidents declaration and economic challenges president RCCI Saboor Malik said that business community strongly believed that to meet uneven challenge of Corona Virus, FBR and Finance ministry must consult with chambers and trade representatives while formulizing the upcoming budget.

He said that RCCI have forwarded the budget proposals to FBR and we are very optimistic here. These proposals will serve a guidelines and a way forward for government to put the economy back on track.

These proposals were unanimously adopted at the RCCI Twelfth all Pakistan Chambers Presidents Conference last week where more than 40 president of chambers across Pakistan joined via video link.

It also proposed Federal Board of Revenue (FBR) that the sales tax rate, be dropped to five per cent. The interest rate should be further reduced to five percent.

Capital gain tax on dividends must be dropped to 7% from 155, he added.

He said that all types of income should be taxed and FBR should focus on new taxpayers rather than tax revenue to avoid burden on existing taxpayers for revenue collection.

A special Covid 19 concession package should also be announced for women being the representatives of half the population, he further added.

Maximum benefit of reduction in global oil prices should be passed on to consumers in for of reduced petroleum product prices and electricity tariffs.

Group leader RCCI Sohail Altaf, former presidents, Senior vice president Nosherwan Khalil Khan, Vice President Hamza Saroosh and Chairman APCPC Usman Ashraf, Vice Chairman Afzaal Butt, executive members were also present on the occasion.