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Govt asked to cut sales tax to single digit

Govt asked to cut sales tax to single digit

MULTAN: Multan Chamber of Commerce & Industry (MCCI) has asked the government to slash the sales tax down to single digit to take burden off the consumers.

The MCCI president, in a statement, said that there should be low rate of sales tax, as our economy has strengthened enough to introduce single digit sales tax rate. He said that issue of low rate of sales tax must be discussed in the meeting on budget proposals (2017-18) between Federation of Pakistan Chamber of Commerce and Industry (FPCCI) and representatives of business community of tribal areas and small traders.

The president said that multiple layers of taxes are applicable on business community including federal, provincial and local taxes. There should only be two taxes – sales tax/VAT and income tax. Sales tax rate ought to be reduced from 17 to 7 percent in upcoming budget for 2017-18. He said that the pro- business community budget should be introduced and payment of sales tax refunds be made immediately to the business community.