Islamabad Chamber of Commerce and Industry President Sardar Yasir Ilyas Khan has urged the government to introduce a fixed tax regime for traders in the upcoming budget. He also said to end the condition of CNIC on sale. It will help in promoting documented economy and increasing tax revenue.
He said that the retail sector was contributing around 20% to GDP. Introducing a fixed tax regime would be a great initiative to broaden the tax base of the country. He added that the best option to increase tax revenue is to avoid putting more tax burden on current taxpayers. Govt should focus on broadening the tax base with low tax rates.
ICCI chief said that high tax rates in Pakistan were a major hurdle in promoting tax culture. He said high tax rates always encouraged tax evasion. Therefore, the government should focus on rationalization of taxes to make them affordable for taxpayers. ICCI emphasized that it will promote tax compliance across the country.