Tag Archives: ICCI

ICCI for finalizing Federal Budget 18-19 in consultation with private sector

Islamabad, March 30, 2018 (PPI-OT): Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry has called upon the government to finalize Federal Budget 2018-19 in consultation with private sector to make it inclusive financial bill. He said this while addressing a session organized by Center for Research and Security Studies (CRSS) in collaboration with ICCI to hold discussion on improving the parliamentary hearing process for formulating inclusive economic and other policies. He said major chambers of commerce and industry of the country were sending budget proposals every year to the government, but most of them were not included in the final budget that was unfortunate.

He said the role of national assembly’s standing committees on commerce and textile, finance revenue and economic affairs, industry and production, energy and others was vital to make inclusive laws and policies and stressed that representative of business community should be called to the meetings of these standing committees so that they could present the voice of private sector in the law-making process. He said for inclusive economic policies and laws, government must ensure maximum participation of private sector in parliamentary hearing process and system.

Muhammad Naveed Senior Vice President and Nisar Mirza Vice President ICCI thanked the representatives of CRSS for organizing session on improving parliamentary hearing system and hoped that the suggestions given by the business community would be made part of final recommendations for the government. Baser Daud, Mehmood Ahmed Warraich, Khalid Chaudhry, Nasir Chaudhry, Ms. Nasira Ali, Dildar Abbasi, Abbas Hashmi and others also spoke at the occasion and provided useful feedback to bring improvements in the parliamentary hearing process.

Speaking at the occasion, Imtiaz Gul, Executive Director, Center for Research and Security Studies (CRSS) said that the foundational flaws and lacunas in the parliamentary hearing processes discouraged dialogue between the parliamentarians and the private sector representatives. Resultantly the inclusive policy making suffered as the private sector’s feedback for the potential economic reforms was not conveyed to policymakers which was contrary to the idea of inclusive democratic process.

He said CRSS has completed the preliminary research and received comprehensive feedback from the several legal experts to understand the concept of public hearing, the existing systems of public hearing in Pakistan, international best practices and the way forward.He said the CRSS would present its findings and collect more feedback to formulate the policy proposals for the government.

He assured that the proposals given by the business community would be made part of CRSS final recommend actions for the government. Tahir Hanif Parliamentary Consultant, Malik Mustafa Program Manager/Research Fellow and Saddam Hussain Research Fellow of CRSS also accompanied him at the occasion.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk

ICCI calls for cut in high tax rates in next budget to improve tax revenue

Islamabad, March 27, 2018 (PPI-OT): Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry (ICCI) said that the high tax rates in Pakistan were major cause of promoting tax evasion in the country and emphasized that in the forthcoming federal budget, government should cut tax rates that would help in expanding tax base, improving tax-to-GDP ratio and enhancing tax revenue of the country. He was talking to MPA Raja Hanif Advocate during his visit to Chamber House. Zubair A. Malik Chairman Founder Group, Khalid Chaudhry, Dildar Abbasi, Iftikhar Sethi, Ashfaq Chatha, Muhammad Faheem Khan, Sai fur Rehman Khan, Nisar Langa and others were also present at the occasion.

Sheikh Amir Waheed said that government had imposed 3 percent super tax on income of 500 million and above as well as 4 percent super tax on income of banking companies in 2015 for rehabilitation of IDPs that was extended in 2016 and 2017. He stressed that in the coming budget, government should abolish super tax as there was no further justification for it.

He said 17 percent sales tax in Pakistan was almost highest in the region that has put extra burden on the common man and enhanced the cost of doing business in the country. He said in the next budget, government should reduce GST to single digit level that would provide significant relief to the common man, reduce cost of doing business and give boost to business activities.

He said the prevailing withholding tax regime has made taxpayers of private sector as withholding agents for FBR due to which business community has to spend sufficient time on collection of WHT for the tax department. He urged that in the next budget, government should streamline WHT regime and assign the responsibility of collecting WHT to FBR officials so that business community could fully focus on promoting business activities.

Muhammad Naveed Senior Vice President and Nisar Mirza Vice President ICCI said that the average rate of tax on corporate income in the region was less than 23 percent while in Pakistan due to multiplicity of taxes including 2 percent workers’ welfare fund and 5 percent workers’ participation fund, average tax rate on corporate income went up to 38 percent, which was not justified. They said that in the next budget, government should bring down average tax rate on corporate income that would encourage new investment and strengthen corporate sector in the country.

Speaking at the occasion, MPA Raja Hanif Advocate supported the proposals of ICCI Office Bearers for reduction in tax rates and stressed that government should finalize budget proposals in consultation with private sector. He said that business community was playing key role in the economic development of the country and their key issues needed to be resolved on priority basis.He assured that he would take up the highlighted issues with relevant authorities for redress.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk

ICCI calls for cut in high tax rates in next budget to improve tax revenue

Islamabad, March 27, 2018 (PPI-OT): Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry (ICCI) said that the high tax rates in Pakistan were major cause of promoting tax evasion in the country and emphasized that in the forthcoming federal budget, government should cut tax rates that would help in expanding tax base, improving tax-to-GDP ratio and enhancing tax revenue of the country. He was talking to MPA Raja Hanif Advocate during his visit to Chamber House. Zubair A. Malik Chairman Founder Group, Khalid Chaudhry, Dildar Abbasi, Iftikhar Sethi, Ashfaq Chatha, Muhammad Faheem Khan, Sai fur Rehman Khan, Nisar Langa and others were also present at the occasion.

Sheikh Amir Waheed said that government had imposed 3 percent super tax on income of 500 million and above as well as 4 percent super tax on income of banking companies in 2015 for rehabilitation of IDPs that was extended in 2016 and 2017. He stressed that in the coming budget, government should abolish super tax as there was no further justification for it.

He said 17 percent sales tax in Pakistan was almost highest in the region that has put extra burden on the common man and enhanced the cost of doing business in the country. He said in the next budget, government should reduce GST to single digit level that would provide significant relief to the common man, reduce cost of doing business and give boost to business activities.

He said the prevailing withholding tax regime has made taxpayers of private sector as withholding agents for FBR due to which business community has to spend sufficient time on collection of WHT for the tax department. He urged that in the next budget, government should streamline WHT regime and assign the responsibility of collecting WHT to FBR officials so that business community could fully focus on promoting business activities.

Muhammad Naveed Senior Vice President and Nisar Mirza Vice President ICCI said that the average rate of tax on corporate income in the region was less than 23 percent while in Pakistan due to multiplicity of taxes including 2 percent workers’ welfare fund and 5 percent workers’ participation fund, average tax rate on corporate income went up to 38 percent, which was not justified. They said that in the next budget, government should bring down average tax rate on corporate income that would encourage new investment and strengthen corporate sector in the country.

Speaking at the occasion, MPA Raja Hanif Advocate supported the proposals of ICCI Office Bearers for reduction in tax rates and stressed that government should finalize budget proposals in consultation with private sector. He said that business community was playing key role in the economic development of the country and their key issues needed to be resolved on priority basis.He assured that he would take up the highlighted issues with relevant authorities for redress.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk

ICCI calls for cut in high tax rates in next budget to improve tax revenue

Islamabad, March 27, 2018 (PPI-OT): Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry (ICCI) said that the high tax rates in Pakistan were major cause of promoting tax evasion in the country and emphasized that in the forthcoming federal budget, government should cut tax rates that would help in expanding tax base, improving tax-to-GDP ratio and enhancing tax revenue of the country. He was talking to MPA Raja Hanif Advocate during his visit to Chamber House. Zubair A. Malik Chairman Founder Group, Khalid Chaudhry, Dildar Abbasi, Iftikhar Sethi, Ashfaq Chatha, Muhammad Faheem Khan, Sai fur Rehman Khan, Nisar Langa and others were also present at the occasion.

Sheikh Amir Waheed said that government had imposed 3 percent super tax on income of 500 million and above as well as 4 percent super tax on income of banking companies in 2015 for rehabilitation of IDPs that was extended in 2016 and 2017. He stressed that in the coming budget, government should abolish super tax as there was no further justification for it.

He said 17 percent sales tax in Pakistan was almost highest in the region that has put extra burden on the common man and enhanced the cost of doing business in the country. He said in the next budget, government should reduce GST to single digit level that would provide significant relief to the common man, reduce cost of doing business and give boost to business activities.

He said the prevailing withholding tax regime has made taxpayers of private sector as withholding agents for FBR due to which business community has to spend sufficient time on collection of WHT for the tax department. He urged that in the next budget, government should streamline WHT regime and assign the responsibility of collecting WHT to FBR officials so that business community could fully focus on promoting business activities.

Muhammad Naveed Senior Vice President and Nisar Mirza Vice President ICCI said that the average rate of tax on corporate income in the region was less than 23 percent while in Pakistan due to multiplicity of taxes including 2 percent workers’ welfare fund and 5 percent workers’ participation fund, average tax rate on corporate income went up to 38 percent, which was not justified. They said that in the next budget, government should bring down average tax rate on corporate income that would encourage new investment and strengthen corporate sector in the country.

Speaking at the occasion, MPA Raja Hanif Advocate supported the proposals of ICCI Office Bearers for reduction in tax rates and stressed that government should finalize budget proposals in consultation with private sector. He said that business community was playing key role in the economic development of the country and their key issues needed to be resolved on priority basis.He assured that he would take up the highlighted issues with relevant authorities for redress.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk

ICCI shows concerns over sharp fall in value of rupee

Islamabad, March 21, 2018 (PPI-OT): The Islamabad Chamber of Commerce and Industry has shown great concerns over the sharp fall in the value of rupee against dollar as it would unleash a new wave of inflation in the country and create additional problems for the business and industrial activities. Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry said that rupee has fallen from Rs.110 per dollar to Rs.115 per dollar in a single day that should be a cause of great concerns for the policy makers.

He said the rupee was devalued by about five percent in December last year in similar manner and another devaluation of over 4.5 percent in a single day would create new challenges for the economy. He said instead of withdrawing support for the rupee in the daily market, State Bank of Pakistan should make efforts for a stable currency as volatile currency was disturbing the efforts of private sector for long-term business planning.

He said falling value of rupee would increase debt burden on the country as devaluation of Rs.1 caused Rs.60 billion jump in the public debt burden. He said the local industry needed new technology and machinery to upgrade itself and compete effectively with Chinese counterparts in the CPEC projects. However, the sharp fall in the value of rupee against dollar would make the import of industrial machinery costlier and thwart efforts aimed at upgradation of industry. He stressed that government should take urgent measures to end volatility and bring stability in the local currency.

Muhammad Naveed Senior Vice President and Nisar Mirza Vice President ICCI said that common man was already overwhelmed by the inflation and sharp devaluation of rupee would give rise to high inflation putting additional burden on the general public. They urged that the government in consultation with private sector should evolve a new strategy to deal with the issue of falling value of currency and to put the country on the path of sustainable economic growth.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk

ICCI shows concerns over sharp fall in value of rupee

Islamabad, March 21, 2018 (PPI-OT): The Islamabad Chamber of Commerce and Industry has shown great concerns over the sharp fall in the value of rupee against dollar as it would unleash a new wave of inflation in the country and create additional problems for the business and industrial activities. Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry said that rupee has fallen from Rs.110 per dollar to Rs.115 per dollar in a single day that should be a cause of great concerns for the policy makers.

He said the rupee was devalued by about five percent in December last year in similar manner and another devaluation of over 4.5 percent in a single day would create new challenges for the economy. He said instead of withdrawing support for the rupee in the daily market, State Bank of Pakistan should make efforts for a stable currency as volatile currency was disturbing the efforts of private sector for long-term business planning.

He said falling value of rupee would increase debt burden on the country as devaluation of Rs.1 caused Rs.60 billion jump in the public debt burden. He said the local industry needed new technology and machinery to upgrade itself and compete effectively with Chinese counterparts in the CPEC projects. However, the sharp fall in the value of rupee against dollar would make the import of industrial machinery costlier and thwart efforts aimed at upgradation of industry. He stressed that government should take urgent measures to end volatility and bring stability in the local currency.

Muhammad Naveed Senior Vice President and Nisar Mirza Vice President ICCI said that common man was already overwhelmed by the inflation and sharp devaluation of rupee would give rise to high inflation putting additional burden on the general public. They urged that the government in consultation with private sector should evolve a new strategy to deal with the issue of falling value of currency and to put the country on the path of sustainable economic growth.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk