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    Friday, 23 March 2018

    MCCI sent proposals for next national budget -Asrar Awan


    MULTAN, March 22nd: President of Multan Chamber of Commerce & Industry Malik Asrar Ahmed Awan has  said that Chamber had already submitted comprehensive proposals for the upcoming federal budget.These include recommendations for incentivising investors, broadening of tax net through documentation of economy and simplification of tax system.Awan said the main objective of their proposals is to bring liberal investment policy, infrastructure development, broadening of tax base and job creation through industrialisation.He said that the MCCI has also suggested that the sales tax slab should immediately be curtailed to reduce cost of production and inflationary pressures. He urged the government to reduce sales tax to single digit and also cut corporate tax to make the upcoming budget business-friendly.Reflecting on the poor state of economy, Malik Asrar Ahmed Awan said that only political will and drastic steps can revive the economy – which should grow significantly and constantly for visible impact. He advocated for raising the country’s tax base so that tax-to-GDP ratio improves.Talking about the financial challenges, he said the government is relying heavily on expensive loans from foreign commercial banks and now repayment has become a big issue for the next government.MCCI President  said there would have been no issue had these loans, borrowed at high interest, been used for productive purposes, including promoting exports and manufacturing sector, instead of using those just for balance of payment.The business community  South Punjab has voiced concern over excessively burdening the manufacturing sector that contributed 21 percent to the national economy and had a share of 70 percent in tax payments.

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