ISLAMABAD: Pak US Business Council on Tuesday said the entire business community, including the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), all its affiliated chambers, trade bodies and associations will extend full support to Prime Minister Imran Khan’s recently announced tax amnesty scheme and broadening the tax base across the country to help strengthen the bleak economy on sound footings; thus, lessening the burden on existing taxpayers.
Talking to newsmen, Pak US Business Council Founder Chairman and veteran trade leader Iftikhar Ali Malik welcomed the tax amnesty scheme and termed it a judicious step of the government to bring tax evaders under the tax net by exposing their undocumented and undeclared properties and wealth within the country and abroad by paying nominal tax, a statement said. He also emphasised on to create awareness about converting the black money into white, to increase the confidence of the taxpayers, incentives for the SMEs, export warehouses, agriculture sector, removal of piracy, misdeclaration and smuggling.
Malik also said that the tax collection system in Pakistan is very complicated, which needs to be reviewed as per the global environment. Moreover, the tax amnesty scheme should also boost industrialisation and create new investment in other than real estate sector and improve the cost and ease of doing business.
Malik said Pakistan needed such type of amnesty scheme because people transferred their money abroad due to terrorism and poor law and order situation in the past. “The law and order situation is now fully restored in the country and people can bring their money back by taking full advantage of the new scheme,” he added.
All must avail this golden opportunity and whiten their wealth and hidden properties through legal process and contributes towards national economy, he said. The veteran trade leader said plugging revenue leakages and broadening the tax net will ultimately benefit the existing taxpayers in terms of reduction in heavy taxation.
Of the 220 million Pakistanis, only one percent is paying taxes, which meant one percent Pakistanis are bearing the burden of 220 million people and this gap can be bridged through sincere efforts backed by the government.
