Senate’s Standing Committee on Commerce and Textile Industry Chairman Senator Mirza Muhammad Afridi has ackowledged the services rendered by the business community.
He said that the limping economy can come out of the stagflation if businesses are allowed to operate, otherwise poverty, unemployment and anxiety with continue to increase.
Presiding over a meeting, the Senator said that the tax system has pushed the business community to the edge, therefore, taxes must be reduced and the procedure should be made simple.
He said that revenue cannot be increased amid shrinking GDP and the gulf between tax collectors and taxpayers is widening.
He noted that costly energy, interest rates, absence of continuity in policies, and instability has broken the back of the business community while FBR is treating businessmen as enemies.
The Senator noted that the business community is looking for resolution of their problems and they are not interested in hollow assurances. “If we failed to allay concerns of the business community, they would lose more in the export market while there is a possibility of an exodus of industries to other countries,” he warned.
He observed that NIC condition has shaken the foundations of the economy and directed chairman FBR to find an acceptable solution within ten days