LCCI for clubbing of taxes to facilitate business community.
LAHORE -- The Lahore Chamber of Commerce and Industry has urged the government to harmonise/unify Labour Taxes in Punjab to facilitate the business community.
While talking to a delegation of businessmen, LCCI President Almas Hyder said that number of taxes pertaining to industries and businesses in Punjab could be reduced considerably by clubbing Employees Old Age Benefit Institution (EOBI), Punjab Employees Social Security Institution (PESSI), Workers' Profit Participation Fund (WPPF) and Workers' Welfare Fund (WWF).
The LCCI President also suggested that the responsibility for collection of these taxes should be given to Punjab Revenue Authority (PRA). He said that the initiative would help to separate tax collection from service provision so that the department like PESSI, EOBI stop sending inspectors for tax collection and focus only on service delivery.
Almas Hyder said that the frequency of tax payments of labor taxes (EOBI, PESSI, WPPF, WWF) should be reduced to once a year. While giving a breakup of frequency of tax payment, he said that businessmen would have to pay 12 times employer paid pension contribution, 12 times social security contributions, one time WWF and one time WPPF. He said that clubbing of these taxes would reduce the frequency of tax payments to just one that would be equally beneficial for the businessmen and the government. He said that implementation of these measures would not only reduce the burden on existing taxpayers but would also encourage new taxpayers to come into the tax net besides improving Pakistan's international ranking in paying taxes.
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