Participants at a roundtable conference in KP have suggested the government to introduce a holistic reforms agenda to widen the existing ‘tax-base’ by bringing new people under the net.
The roundtable conference was jointly organised by Sarhad Chamber of Commerce and Industry (SCCI) and FCDO-funded Sustainable Energy and Economic Development (SEED) Programme in Peshawar on Monday.
The speakers urged the federal and provincial governments to incorporate proposals of chambers, business community, being key-stakeholders in the upcoming fiscal budget 2022-23.
They called for taking tangible measures to achieve sustainable development goals (SDGs) as per commitment made at international level.
Participants of the conference sought special fiscal relief package to revive businesses that was battered by terrorism and the novel coronavirus pandemic lockdown in Khyber Pakhtunkhwa.
Besides, SCCI president Hasnain Khurshid Ahmad, former president Zahidullah Shinwari, SEED Programme Team Leader Omar Mukhtar Khan, representatives of regional chambers, women entrepreneurs from manufacturing, tourism, IT and other industries participated in a large number in the conference.
Participants acknowledged the difficult economic times and moderated their suggestions to focus on those which would allow the government to balance budgets, including easing the tax administration to make it more business friendly.
Businesses reported that the process of tax filing and the harassment they faced during audits was a strong deterrent to formalizing their businesses, that it was expensive and time-consuming to fight court cases, and that it reduced trust between government and businesses.
Hasnain Khurshid called upon the federal and provincial governments to incorporate proposals of the chambers and relevant stakeholders in the upcoming FY budget 2022-23 so that it would help to revive economic and trade activities in light of their recommendations in the country.
Welcoming all participants, Omar Mukhtar said a persistent issue reported by the business community in KP is the lack of meaningful engagement with businesses and industries on the policymakers’ end.
To facilitate their growth, SEED is committed to continue supporting all the stakeholders, i.e., government, business chambers, and enterprises in the province and assist the government in its continuous efforts to strengthen its collaboration with the business sector”.
Speaking at the event, Ali Khizar, Economist KP Business Voice, urged the government to focus on cost & ease of doing business during the upcoming financial year as it offers solutions to many challenges related to the economy.
A representative from the finance department, GoKP, added: “The government has been working on facilitating the business community through offering incentives, tax cuts etc., so that they can compete with the world.
The State Bank of Pakistan has offered multiple incentives to businesses since Covid-19,” he further stated, “I assure the full support of the government of Khyber Pakhtunkhwa, and its intention to move towards a prosperous KP with the support and inclusion of all stakeholders.”
