Tola-led body reaches out to FPCCI for Taxation Reforms - Press Release issued by Federation of Pakistan Chambers of Commerce and Industry.

Karachi -- February 01, 2023 (PPI-OT)

Following is the text of press release issued by Federation of Pakistan Chambers of Commerce and Industry (FPCCI)

Quote

Mr. Irfan Iqbal Sheikh, President FPCCI, has apprised that the high-powered Reforms and Resource Mobilization Commission (RRMC) of the Government of Pakistan; with a full-fledged secretariat at the FBR Head Office and headed by the world-renowned chartered accountant, Mr. Ashfaq Tola; has reached out to FPCCI for the proposals on taxation reforms; mobilizing and saving national resources and federal budget 2023 - 24.

Mr. Irfan Iqbal Sheikh explained that in order to make any revenue reforms to succeed, those should be based on three basic yet far-reaching guiding principles, i.e. simplification of taxation system; broadening of the tax-base and accountability of the tax collection machinery. It is pertinent to note that FPCCI's President or his nominee has been made a part of RRMC as well.

FPCCI Chief highlighted that the time has come that all the State-Owned Enterprises (SOEs) in general and loss-making SOEs in particular should be privatized; as their combined annual losses have reached PKR. 5,000 billion. Doing business is none of government's business and no economy can withstand that much losses as compared to their GDP; let alone a struggling like Pakistan.

Mr. Suleman Chawla, SVP FPCCI, maintained that the biggest issue with meaningful participation in the budget-making exercise is that most of the recommendations and proposals forwarded to the federal government, through the platform of FPCCI, are not given due consideration; which in turn, discourages the business, industry and trade community - as FPCCI is their apex body.

Mr. Suleman Chawla added that there is a string sentiment in the business community that taxation policies are not made based on the hard facts or ground realities of Pakistan; but rather, based on the dictates of the international lending agencies like IMF, World Bank, Asian Development Bank, etc. The big question arises here that how the policies having a big disconnect with the national economy can...