Businessmen's active participation in legislation process must for balanced trade policy: ICCI President.

ISLAMABAD -- Islamabad Chamber of Commerce and Industry (ICCI) President Muhammad Shakeel Munir has said that active participation of the business community and industrialists in the legislation process is imperative for a balanced trade policy.

The direct representation of the community in the parliament or in the legislation process, he added, would help address the issues related to business and industry and it was the only way forward to establish a healthy trade culture in the country and more essential for sustainable economic growth.

The ICCI president, in an exclusive interview with reporter, said the industrialists were facing a myriad of challenges, ranging from legal barriers to taxation, besides lack of access to loans and financial know-how that prevented them from establishing businesses on strong footing.

In many developing countries, he said, the focus was on building the capacity of entrepreneurs, ecosystem intermediaries and investors in order to increase the investment.

He said the trading community had concern over the recently new fixed tax law introduced by the Federal Board of Revenue for the collection of sales tax with monthly electricity bills. It would particularly affect the small traders, who would have to pay minimum sales tax of Rs 3,000 even though their monthly electricity bill was less than Rs 1,000, he added.

Shakeel Munir said the FBR was previously collecting sales tax from the retailers at the rate of 5% and 7.5% of the electricity bill, who would now be charged minimum Rs 3,000 on the bills of up to Rs 30,000.

It would put an extra burden on the small traders, he added, and urged the government to revise the minimum slab of sales tax in consultation with the traders' bodies, including the ICCI. Finance Minister Miftah Ismail should take the lead in that regard and sort out the important issue.

Replying to a question about the economic growth, Shakeel Munir said,'Keeping in view the political situation, the national economy seems to be heading towards a crisis-like situation.'

The economic stability, he added, was directly linked with the political stability. Both were essential to achieve the goal of sustainable economic growth rate, he remarked.

To a question about the involvement of public and stakeholders in policymaking and legislation, the ICCI president...

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