Business community seeks budgetary reforms to promote industry growth

The business community has called for comprehensive reforms and increased facilities in the upcoming 2024-25 budget to promote industry growth by broadening the tax base.

According to APP, Ahsan Zafar Bakhtawri, President of the Islamabad Chamber of Commerce and Industry (ICCI), revealed that consultations with the business community have concluded, and their budget proposals have been submitted to the relevant ministry.

Bakhtawri emphasised the importance of incorporating these proposals into the Federal Budget 2024-25, stating that their implementation would address critical trade and industry issues, enhance business growth, improve government tax revenue, and aid in economic revival.

He noted that, as in previous years, the ICCI had forwarded its budget recommendations to the Finance Ministry with the expectation of their acceptance.

He urged the government to engage with the business community and form joint committees at the district level to expand the tax net.

He also stressed the necessity of enforcing penalties against tax evaders. Furthermore, Bakhtawri suggested that the National Tax Number (NTN) should be mandatory for opening bank accounts and for property and vehicle transactions.

In a related statement, Karim Aziz, Chairman of the FPCCI Capital Office, echoed these sentiments. Aziz indicated that the chamber had proposed tax reforms to broaden the tax base, aiming to rejuvenate the country’s businesses. He urged the government to consult with all stakeholders in preparing the federal budget.

Aziz confirmed that the FPCCI had finalised its budget proposals and submitted them to the relevant ministries, advocating for their inclusion in the Federal Budget 2024-25. He reiterated that implementing these proposals would address key trade and industry challenges, facilitate business growth, boost tax revenue, and support economic revival.

He called for a reformed and simplified taxation system developed in consultation with genuine stakeholders. Aziz also highlighted the need for the upcoming budget to focus on ease of doing business, which would attract much-needed investment and stimulate economic growth.

Additionally, Aziz stressed the need to enhance exports, reduce imports, and incentivise expatriates to invest in Pakistan.

The business community’s recommendations reflect a concerted effort to foster an environment conducive to industrial and economic growth, urging the government to consider these proposals seriously in the upcoming budget.