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RCCI urges FBR to review its revenue target for next fiscal year

RCCI urges FBR to review its revenue target for next fiscal year

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has urged the Federal Board of Revenue (FBR) to review its revenue targets for fiscal year 2020-21. The revenue target in the budget has been set to 4963 billion without assessing the ground realities and Corona threat. The economy got hit by Corona badly and as PBS Pakistan economy suffered more than 3000 billion loss in one quarter.

RCCI President Saboor Malik in a statement said that the business community is not satisfied at all on budget as it falls below expectations for us, he added.

Last year the revenue target was set at 4700 billion where FBR failed to meet its targets by 900 billion. It is not possible to increase the revenue targets amid lock-down and Corona spread.

The Government failed to achieve its GDP growth target and except Agriculture all other key economic indicators shows negative growth. The industry and the services sector also got worst hit by Corona.

RCCI chief suggested that Sales tax be dropped to single digit from 17 percent as this step will push people for more spending and on the other hand increase the industry wheel with a faster pace.

He lauded the Government for lowering FED and regulatory duties on different tariff lines and added that the business community has been demanding this since last fiscal year.

Reduction in customs duty on raw material, advance tax exemption on auto rickshaws and motorcycles and reduction in capital gains tax will help speed up business activities, he further added.

The scheme announced for the construction sector, which was due to expire in December 2020, was demanded by the chamber to be extended. It has been extended to June 2021, which is a welcome step towards increasing the business activities, he said.