President of the FPCCI Atif Ikram Sheikh said that harassment and unnecessary FBR notices must stop.
Atif Ikram Sheikh, President of the FPCCI, stated that the business community supports the Federal Bureau of Revenue’s (FBR) reform plan as envisioned by Dr. Shamshad Akhtar, Federal Caretaker Minister for Finance and Revenue. The underlying premise of separating tax policy and collecting functions will assist remove contradictions, conflicts of interest, and maladministration; as a result, the FPCCI endorses the restructuring plans, he added.
Notably, prominent trade and industry leaders were briefed on the actions taken by the caretaker government to stabilize the economy, manage the exchange rate volatility, and restructure the FBR by Dr. Shamshad Akhter during his thorough and high-profile visit to the apex body’s headquarters in Karachi.
Notably, Dr. Shamshad Akhter paid a thorough and public visit to the head office of the apex body in Karachi, where he briefed leading figures in trade and industry about the steps the caretaker government has taken to stabilize the economy, manage fluctuations in the exchange rate, and reorganize FBR.
According to Atif Ikram Sheikh, the division of inland revenue and customs will simplify FBR’s operations, bring it into compliance with global best practices, and allay worries held by international financial institutions such as the Asian Development Bank, World Bank, and IMF. This is particularly crucial in Pakistan’s unique situation because the nation will remain dependent on foreign funding for the foreseeable future.
According to Atif Ikram Sheikh, the entire business, industry, and trade community in Pakistan has long demanded that FBR operations be fully digitalized and transparent to address issues such as tax officers harassing the business community and issuing needless tax notices.
The president of the FPCCI also emphasized the problems facing the edible oil sector, such as the need to do away with section 8-B of the Sales Tax Act and remove the 10% disparity that favors and discourages industrialists compared to commercial importers. Furthermore, commercial importers should pay
a higher duty than industries to support the industry.
The FPCCI is conducting a massive exercise to formulate its budget proposals for the federal budget 2024–25 by aggregating feedback from all chambers, associations, and trade bodies from across Pakistan. Saquib Fayyaz Magoon, SVP FPCCI, maintained that the input of apex body must be incorporated in budget-making and taxation policies.
SVP FPCCI emphasized that small and medium-sized businesses (SMEs) should be given preferential treatment in the nation’s trade, investment, economic, and industrial policies because they are the true engines of growth, creating jobs and bringing in money.
Dr. Shamshad Akhter agreed with the FPCCI’s demand that its representatives be included in all relevant and significant committees of the ministries of revenue and finance because the business sector is a true economic stakeholder.
She also valued the business community’s proactive involvement in the government’s platform-based private-sector consultation process.