Free fall of rupee irks business community

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Rawalpindi

The Rawalpindi Chamber of Commerce and Industry (RCCI) has urged the government to take stakeholders on board for resolving issues faced by the business community.

The country’s economy is passing through difficult times due to the free fall of the Pakistani rupee, rising inflation and uncertainty due to inconclusive talks with the International Monetary Fund (IMF).

RCCI President Nadeem Rauf, while talking to a trade delegation at chamber house, said that the chamber has always played the role of a bridge between the business communities and the Government for resolving their issues.

The leading issues are Point of Sale System (POS), penalties, Income Tax rates, Sales Tax Registration, Professional Tax, property tax and high inflation which has manifold the cost of doing business, he added.

He suggested that FBR should focus on broadening the tax base and recommended that instead of setting targets for tax collection, the FBR should set targets to increase new taxpayers.

It has been observed that instead of adding new filers, the FBR had increased burden on the existing taxpayers, he said.

The policy should be adopted in consultation with all stakeholders, he further recommended. “We demand that facilities and incentives be provided to the existing taxpayers,” he said.

On the occasion, Group Leader and former president Sohail Altaf said that the traders are worried about the current economic situation. With the rupee depreciating and inflation soaring, the local and foreign investments have stagnated, he said.

He suggested that attractive incentives and packages should be adopted to increase the tax net. Serving tax notices, sealing shops and fines are adding harassment among the business community and such measures are sending negative messages.—APP

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