PESHAWAR: The business community here on Monday urged the federal government to introduce a holistic reforms agenda in the next fiscal to widen tax base in the country for economic revival.
It made suggestions for the 2022-23 budget during a round table conference jointly organised by the Sarhad Chamber of Commerce and Industry (SCCI) and UK-funded Sustainable Energy and Economic Development Programme (Seed) at a hotel.
SCCI president Hasnain Khurshid Ahmad and former president Zahidullah Shinwari, Seed Programme team leader Dr Omar Mukhtar Khan, representatives of the regional chambers of commerce and industry, and women entrepreneurs from manufacturing, tourism, and other sectors industries participated in the event.
The participants acknowledged difficult economic times faced by the country and proposed corrective measures, including a business-friendly tax system.
They urged the federal and provincial governments to incorporate proposals of the businessmen and traders as the key stakeholders, in the upcoming budget 2022-23.
The participants called for tangible measures to achieve sustainable development goals in line with the country’s international commitments and urged the government to introduce a special fiscal relief package to revive businesses battered by terrorism and pandemic-induced lockdown in the province.
About the process of tax filing, they said the harassment the businessmen and traders faced during audits was a strong deterrent to the formalisation of businesses and that it was an expensive and time-consuming exercise to fight court cases in case any issue relating to taxes.
Mr Khurshid urged the federal and provincial governments to incorporate proposals of the chambers and relevant stakeholders in the next budgets to strengthen economy and revive trade activities in the country.
Dr Omar Mukhtar said the businessmen and industrialists of Khyber Pakhtunkhwa constantly complained about a lack of their meaningful engagement by policymakers.
“To facilitate the growth of business, the Seed is committed to continuing supporting all stakeholders in the province, including the government, business chambers and enterprises, and assist the government in its efforts to strengthen its collaboration with the business sector,” he said.
Ali Khizar of the Economist KP Business Voice asked the government to focus on the reduction of cost and ease of doing business during the upcoming financial year saying those incentives offers solutions to many challenges related to the economy.
A representative of the finance department said that the provincial government had been working on facilitating the business community through offering incentives, tax cuts and other measures so that they could compete with the world.
He said the State Bank of Pakistan had offered multiple incentives to businesses since the outbreak of coronavirus and the introduction of restrictions.
“I, on behalf of the provincial government, assure businesses of full support for a prosperous KP,” he said.
Published in Dawn, April 26th, 2022
