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All chambers united over early release of refunds, reduction in interest rate

All chambers united over early release of refunds, reduction in interest rate

LAHORE: Non-payment of refunds is drying out liquidity from the market. Payment through promissory notes should also be extended to all sectors including five zero rated sectors. Refunds should be issued automatically without application, or pre-audit, within 60 days as per rules. Markup rate should be reduced as it has made borrowing expensive.

This was the crux of deliberations of presidents of all chambers of commerce and industry at the conference held under LCCI President Almas Hyder while Senior Vice President Khawaja Shahzad Nasir, Vice President Faheem-ur-Rehman Saigal, Presidents of Chambers spoke on the occasion and gave thought-provoking workable proposals for upcoming budget.

They said that benefit of tax holiday should not just be for new projects but also for expansions. Provincial governments should re-zone areas in and around urban centers, both for industrial and commercial use to help entrepreneurs invest in green field and other projects. Foreign investment should only be allowed as a joint venture or as a public listed company so that local investors also benefit.

The participants said that company office should be formed for registration of new companies. Registering a company should be separated from regulating a company.

They said that there should be one tax collection Authority for the collecting of both federal and provincial taxes. Total number of taxes should be reduced to five by clubbing, frequency of tax payments should be reduced and steps should be taken to separate tax collection from service provision.

They said that audits should be risk-based with one month prior notice rather than random audits. There should be holiday for all taxes and levies for three years for the newly registered companies, especially for SMEs. They said that exemption from the payment of sales tax on imported plant and machinery for greenfield projects should also be granted to brownfield projects. No exemption should be given on imports, if the equipment, machine or part is locally manufactured.  Fixed tax system should be introduced at the SME level to enhance the tax base.

The participants of the meeting said that there should be exemption from Audit for taxpayers who deposit 20% or more tax over the last year. The tax exemption certificates to commercial importers and manufacturers should be issued automatically if their withheld tax is equal to last year tax.

Almas Hyder expressed gratitude to the Presidents and other officials of All Pakistan Chambers of Commerce & Industry and hoped that joint declaration will help government to formulate effective policy framework.

President of Lahore Chamber Almas Hyder, Senior Vice President Khawaja Shahzad Nasir, Vice President Faheem-ur-Rehman Saigal, President of Attock Chamber Shahid Zaman, President of Bahawalpur Chamber Mubashar Hussain, Secretary General Syed Abeer Haider, President of Chakwal Chamber Malik Ghulam Murtaza, former President of Dera Ghazi Khan Chamber Zulfiqar Ali, Officials of Gujrat Chamber, Jhang Chamber, Jhelum Chamber, Senior Vice President of Rahim Yar Khan Chamber Khalid Saleem Ch., President of Sahiwal Chamber Rashid Hameed Ch., President of Sargodha Chamber Mirza Fazal ur Rehman, Officials of Sialkot Chamber, Faisalabad Chamber, Gujranwala Chamber, President Rawalpindi Chamber Shahid Saleem, former Senior Vice President Saboor Malik, President Sheikhupura Chamber Aizad H. Syed, member Malik Manzoor, officials of Vehari Chamber, Khanewal Chamber, President Haripur Chamber Atta-ur-Rehman, Senior Vice President Kohat Chamber Muhammad Shahid, President Mardan Chamber Zahir Shah, officials of Sarhad Chamber, Swat Chamber, Mohmand Agency, Lower Dir Chamber, Abbottabad Chamber, Khyber Chamber, Quetta Chamber, Lasbela Chamber, Larkana Chamber, Mirpur Chamber, Jamshoro Chamber, Shaheed Benazir Chamber, Gilgit Chamber, Hunza Chamber and president Islamabad Chamber Hamed Hassan Moughal spoke on the occasion.