RAWALPINDI:The Rawalpindi Chamber of Commerce and Industry (RCCI) has urged the government to incentivize foreign remittances in the form of tax rebates.
President RCCI Saqib Rafique expressed these views in a meeting held on the budget proposals at the chamber house.
He said that this step would not only increase foreign exchange reserves but also helped in stabilizing the Pakistani rupee.
Saqib proposed that “if an overseas wants to purchase a vehicle or electronic goods on 10 per cent rebate in taxes and duties against foreign remittance 50 per cent discount in registration/taxes shall be offered to overseas Pakistanis in the purchase of property; this will attract more foreign remittances.”
He also suggested that all the auto manufacturers should use each other’s locally produced auto parts as this initiative will not only allow the parts to be produced locally but also increase the sales of the vehicles.
The budget proposals prepared by the Rawalpindi Chamber were discussed in detail and representatives from the different trade associations shared their views and suggestions.
It was demanded that immediate steps should be taken to promote the industry.
“The liberalization of the economy is the need of the hour, said Saqib Rafiq and added that it is high time to promote market-oriented policies.”
He said that the availability of land on a lease can reduce capital investment for the industry.
Establishment of One Window operations for industry facilitation such as NOC, License etc will attract more investments in the industry, he added.
Saqib also proposed that the “One District One Product” (ODOP) model can be replicated in Pakistan to promote traditional industries and crafts in each district of the provinces, to enhance local entrepreneurship, generate employment, and boost the overall economy.
The chambers can identify and recommend the identification of potential products and sectors, he added.
The meeting also suggested that GST be brought down to single digit or considered full and final tax adjustment and income tax slabs to be rationalized.