Budget proposals: KCCI demands main relief in taxes.

The business community of Karachi has suggested that the government should make significant cut in taxes in the upcoming budget, which will help revive the businesses on the brink of bankruptcies owing to coronavirus.

During an online meeting between Karachi Chamber of Commerce and Industry (KCCI) and the Federal Board of Revenue (FBR) to discuss the proposals of KCCI for the Federal Budget 2020-21, KCCI President Agha Shahab Ahmed Khan said that the government should focus on extending support to the trader and industries to ensure their survival.

FBR Chairperson Nausheen Javaid admitted that in the prevailing economic scenario the taxation policies and upcoming federal budget should be formulated to help the trade and industry to cope with new challenges.

On the occasion, KCCI proposed to withdraw 3 percent further tax on local sales to unregistered buyers, which was initially 1 percent imposed through the Finance Act 2013. FBR Inland Revenue Policy Member pronounced that a...