ICCI finalizes budgetary proposals for budget 2020-21.

ISLAMABAD -- Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce and Industry (ICCI) said that Chamber in consultation with business community has finalized its budget proposals, which have been sent to the relevant departments.

In a press release here on Tuesday he urged call the government to incorporate them in the Federal Budget 2020-21 as their implementation would address the key issues of trade and industry, facilitate better growth of business activities, improve tax revenue of government and help in revival of economy.

Dilating upon the key features of proposals, he said that the impact of Covid-19 has badly affected business and industrial sector and urged government to bring down GST and policy interest rate to 5 percent in order to ease the difficulties of business community.

It would reduce the cost of doing business, encourage new investment, promote industrialization and create plenty of new jobs for the countless jobless people.

Muhammad Ahmed Waheed said that turnover tax u/s-113 should be reduced from current 1.5% to 0.25% or zero percent for the next 3 years for manufacturers and downstream retailers/traders. To combat the impact of Covid-19,he suggested the government to defer the requirement of CNIC for sales transactions of Rs.50,000 and above till June 2022...