The Rawalpindi Chamber of Commerce and Industry (RCCI) has urged the Government to incentivize foreign remittances in the form of tax rebates.

This step will not only increase foreign exchange reserves but also help in stabilizing the Pakistani Rupee (PKR). It was proposed that if an overseas Pakistani wants to purchase a vehicle or electronic goods, a 10 percent rebate in taxes and duties against foreign remittance should be given. A 50 percent discount in registration/taxes shall be offered to overseas Pakistanis in the purchase of property, which will attract more foreign remittances.

All the auto manufacturers should use each other’s locally produced auto parts; this initiative will not only allow the parts to be produced locally but also increase the sales of the vehicles. These views were expressed in a meeting held on the budget proposals under the chairmanship of Rawalpindi Chamber of Commerce President Saqib Rafiq and Group Leader Sohail Altaf at chamber house Rawalpindi.

The budget proposals prepared by the Rawalpindi Chamber were discussed in detail and representatives from the different trade associations shared their views and suggestions.

It was demanded that immediate steps should be taken to promote the industry. The liberalization of the economy is the need of the hour, said Saqib Rafiq who added that it is high time to put a check on government intervention and promote market-oriented policies. The availability of land on a lease can reduce capital investment for the industry.

Establishment of One Window operations for industry facilitation such as NOC, License, etc will attract more investments in the industry, he added.

Saqib Rafiq also proposed that the “One District One Product” (ODOP) model can be replicated in Pakistan to promote traditional industries and crafts in each district of the Provinces, with the objective of enhancing local entrepreneurship, generating employment, and boosting the overall economy. Chambers can identify and recommend in the identification of potential products and sectors, he added.

The speakers also suggested that GST be brought down to single digit or considered full and final tax adjustment and income tax slabs to be rationalized.

Source: Pro Pakistani