LAHORE: The business community has appreciated Chief of Army Staff General Asim Munir for having meeting with top businessmen and giving them confidence.
In a statement, Lahore Chamber of Commerce & Industry (LCCI) Senior Vice President Chaudhry Zafar Mahmood said the recent meeting of COAS meeting with business community would help trust building. He said that such meetings should be held on regular basis.
He said the economic policies should be an important part of the manifesto of political parties. He said all political parties would have to play their role for political and economic stability in the country. He added that economic growth could speed up provided reservations of business community regarding taxation system were removed, refunds were paid expeditiously, discretionary powers that have opened floodgates of corruption were clipped, agriculture stagnation was reversed and utility prices were reduced.
He said that the role of Federal Board of Revenue should be considered as a key facilitator to private sector. Tax system is complicated and burdensome which creates room for complicities between taxpayers and the tax collectors. He said that number of taxes and frequency of paying taxes must be reduced. Moreover, taxes may be paid quarterly instead of every month. For that matter, all para tariffs must be merged in the main tariffs.
“Similarly, there should be electronic communication between taxpayers and tax departments. These proposals can make noticeable difference and win the confidence of taxpayers,” he added.