ICCI for promoting ease of doing business to revive economy

Islamabad: Islamabad Chamber of Commerce and Industry (ICCI) on Monday urged the government to promote ease of doing business, besides simplifying the tax system to revive the economy and enhance revenue collection to attain sustainable economic growth and development.

Talking to President, Korangi Association of Trade and Industry (KATI), Faraz ur Rehman visited ICCI, President, ICCI, Ahsan Zafar Bakhtawari said that the Federal Board of Revenue had assured the IMF to bring 1.5 million new taxpayers into the tax system by the end of June 2024. However, the current tax system of the country was creating problems for taxpayers instead of facilitating them due to which the potential taxpayers shy away from this system, he observed. Ahsan Bakhtawari urged the government for bring drastic reforms in the tax system in consultation with the stakeholders to make it business-friendly, which would significantly increase the country’s tax revenue.

He said that appointing more tax officers in the RTOs was not the real solution to the problem, rather reduced tax rates and a simple tax system could attract more taxpayers. Speaking on the occasion, Faraz ur Rehman that the country’s exports had dwindled by 5% during July-September this year as compared to last year while the country needed substantial increase in exports to revive the economy.

He urged the government to address the key issues of the export sector enabling it to play an active role to steer the economy out of crisis situation. The export sector needed easy credit to expand & grow, but the 22 percent interest rate in Pakistan was a major obstacle in its development, due to which, during July-October this year, the credit to private sector shrunk by over 290% as compared to the same period of last year, he added.

He said that only the business sector could bring the economy out of the current troubles, however, it needed lower production cost and ease of doing business to put the economy on the path of sustainable growth. He resolved that KATI would play its role in cooperation with ICCI to promote the interests of the business community. Group Leader ICCI, Khalid Iqbal Malik, said that the business community was driving the economy and urged the government to consult them to formulate short- and long-term policies for revival of the economy.

Zafar Bakhtawari, Former President ICCI and Secretary General UBG Pakistan said that the United Business Group had nominated a young and emerging industrialist from Islamabad as its Presidential candidate for FPCCI and hoped that after winning, he would set new standards of serving the cause of the business community. Presidential candidate of UBG for FPCCI, Atif Ikram Sheikh resolved that if he wins the FPCCI election, he will work closely with the government to address the key issues of the business community and facilitate them in business promotion.