Trade: (UBG demand level playing field for all sectors)

ISLAMABAD: The United Business Group (UBG) of FPCCI on Thursday said FBR must include budget proposals forwarded by FPCCI to increase GDP growth.

The Chairman Federal Board of Revenue (FBR) Nisar Mohammad Khan must consider budget proposals by the Apex chamber for the forthcoming budget 2016-17, said Zubair Tufail, Secretary General of the United Business Group (UBG) of FPCCI in a statement issued here.

He said comprehensive proposals will trigger growth, create jobs and increase revenue as energy supply is expected to become better soon. Zubair Tufail said that it has become very important to expand the tax base to reduce pressure on existing taxpayers which have become overburdened.

Smuggling from Iran and Afghanistan, under invoicing which is now common knowledge and misdeclaration are other areas needing urgent attention, he added.

He said government must tackle some of the impediments to growth and investments and remove the tariff anomalies in the upcoming budget so that no sector can get unfair advantage.

He said government must prefer industrial expansion and reduce rate of sales tax and income tax due to better tax collection which is expected to surpass the mark of Rs 3100 billion by end June. We want a level playing field to all the sectors of the economy which will increase government revenues, he said.