FPCCI for documentation of economy.

KARACHI -- President, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Irfan Iqbal Sheikh, has formed a high-powered Budget Advisory Council to suggest budgetary measures - both on revenue and expenditure sides. Zakaria Usman, the former president would be the convenor of the committee.

Irfan Iqbal Sheikh said that the data of non-filers is available and FBR should bring them into tax net. The members of the council suggested that the ever-increasing burden on existing taxpayers (filers) will continue if the present tax net is not broadened.

Suleman Chawla, SVP FPCCI, highlighted the trade deficit; which has increased significantly and it is required to take strong and out-of-the-box measures to shrink the gap.

The Council suggested industrialization and import substitution as the solution to overcome the trade deficit and pointed out that the IT industry has the potential to bring foreign exchange but the sector is still not fully tapped. The council observed that the SMEs sector of Pakistan has improved and producing quality products and now is the time to support the sector.

Zakaria Usman, former...