Top priority of the govt was to facilitate business community: Miftah Ismail
RCCI delegation calls on Minister Finance, urges to review deemed rental income and revision of import ban list
ISLAMABAD ( Web News )
The delegation led by Rawalpindi Chamber of Commerce and Industry (RCCI) President Nadeem Rauf called on the Federal Minister for Finance and Revenue Dr. Miftah Ismail Ahmed.
Chairman Federal Board of Revenue (FBR) Asim Ahmed was also present on the occasion. The delegation included RCCI group leader Sohail Altaf, former presidents Dr. Hassan Saroush, Asad Mashhadi, Raja Amir Iqbal, Zahid Latif Khan and chairman of the RCCI tax affairs committee Faraz Fazal.
Issues related to importers and exporters, revision of list of import banned items, deemed rental income, poultry feed, furniture, tax matters, sales tax and duties were discussed during the meeting.
Talking to the Rawalpindi Chamber delegation, the Federal Minister said that the top priority of the government was to facilitate the business community. The matter will be taken up in the Cabinet regarding a one-time exemption on Bill of lading (BL) items that are banned from import. He assured the delegation that the issue would be resolved in consultation with the stakeholders to address their concerns over deemed rental income. Regular contacts and consultations with the business community will be intensified to get their feedback, and an agreement with the IMF will be reached soon, he added.
Miftah Ismail expressed his resolve to promote business activities and facilitate the business community to attain sustainable growth in the country. Miftah Ismail said macroeconomic stability is the top priority of the government and it is focusing to ensure financial discipline through effective and business friendly policies to achieve the economic growth level. He further assured the delegation to address their issues at priority with regular communication and consultation with the business community.
Chamber President Nadeem Rauf told the Federal Minister that the construction sector has been affected by the imposition of tax on deemed rental income in the budget. He said that industrial zones should be set up in Rawalpindi; special economic zones should be set up in Rawalpindi under CPEC. An expo center is the hour of need. The list of import bans should be revised as it is likely to increase smuggling, he added.
He said that it was a welcome step that the Chairman FBR was also present in the meeting who listened to our demands in detail on tax matters and took suggestions.
To overcome the current economic challenges, it is necessary to provide relief to the business community to increase business activities. He further suggested that the government must introduce sector-based incentive packages, and formulate policy in consultation with stakeholders.
The members of the business community apprised the Minister about multiple issues related to taxation in the Federal Budget 2022-23 on various sectors.