Islamabad Chamber of Small Traders, Tuesday, said that Pakistan Tehreek e Insaf (PTI) has decided to reform the malfunctioning taxation system which will lift tens of millions of people out of poverty. The tax system is heavily tilted towards rich, indirect taxation has reached to ninety percent resulting in increased poverty which will be made equitable, it said.
Moreover, the withholding tax would be reduced while those who qualify to pay taxes but avoid it would be targeted, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt. He said that policy of milking business community and considering them a tax generating tool would be abolished
The business community will have to pay taxes but they would be helped, their confidence would be restored and their capacity would be enhanced so that they can work with peace of mind and Pakistani products can compete in international market.
Shahid Rasheed Butt said that the Government and FBR would not consider business community their opponents but would be regarded as partners in the journey to the development. The PTI policymakers have noted with concern that the industrial sector is going down which would be strengthened through policy interventions.
Expatriates would be considered an important asset, their issues would be resolved and the gap between legal and illegal money transfers would be reduced to boost remittances. Loans would be retired with the help of expatriates who are willing to help the country tackle serious issues.
PTI has decided that the exchange rate will not be decided by the finance ministry but it would be left to the SBP and the central bank would be given more powers which will be a welcome step. Masses need not worry when as a man like Asad Umar will be the finance minister steering country out of the economic mess and making Pakistan a developed country.