FPCCI demands cut in indirect taxes

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday appreciated Prime Minister Imran Khan's first speech and urged the government to cut indirect taxes, strengthen institutions, reduce trade deficit, and bring back stolen funds to discourage corruption.

FPCCI Vice President Karim Aziz Malik said retail sector should be taxed, expats should be encouraged to send money through banking channels by offering relaxations, state-run corporations should be sold, Federal Board of Revenue (FBR) and other institutions should be monitored, and diplomats should be given export targets.

FPCCI President Ghazanfar Bilour, Chairman Coordination Malik Sohail, Atif Ikram Sheikh, and Jaweed Iqbal in a joint statement said the new premier promised wide-ranging reforms, safeguarding Pakistan's resources and redistributing them from the rich to the disadvantaged, which was laudable.

The business leaders said the PM has promised that instead of trying to rebuild the economy via external loans, his government would try and fulfil its needs from within, as no country succeeds by taking on debt.

They offered unconditional support to the agenda of the new government which included measures to cut down expenses, tax reforms instead of loans, eradication of poverty, rooting out corruption, revamping judiciary, applying the Khyber Pakhtunkhwa police model

in Punjab, building dams, as well as educational, healthcare and civil service reforms.