PESHAWAR: The Sarhad Chamber of Commerce and Industry (SCCI) has urged the federal government to provide traders with relief, including tax-exemptions, and waiving off property rents, utility bills and slump sum rebate on overall taxes per case in the upcoming fiscal budget for 2021-22 (FY22).
The demand was made by SCCI President Sherbaz Bilour who said that the chamber’s proposals had been presented before the federal government, according to a statement issued here on Wednesday.
He said the SCCI has sought the financial relief package especially for Covid-19 hit businesses and to build a favorable business climate and competitive environment among local and foreign investors.
Emphasising the termination of double taxation and a cut in the ratio of number of taxes, the SCCI chief said that special exemptions which are being offered to foreign investors, need to be reviewed to keep local industries and investors competitive, and to enhance revenue by the Federal Board of Revenue (FBR).
Bilour said that policies need to be changed while keeping prevailing economic conditions in mind.
In the proposals for the upcoming budget, the SCCI chief said they have asked for National Database Registration Authority’s (NADRA) data to be utilised for identifying potential taxpayers. To encourage taxpayers, the chamber’s president said that they have proposed special tax concessions with a ratio of 15 to 20 per cent.
Traders are not the ones who need concessions. Manufacturers are the ones who need tax benefits, and only the manufacturers who expand production. Traders can benefit from excess production.