Minimum turnover tax of 1 % to be extended to all companies instead of publicly listed companies: RCCI
RAWALPINDI, JUN 13 /DNA/ – Rawalpindi Chamber of Commerce and Industry (RCCI) has recommended that the 5 year tax holiday announced in the budget should be extended to all new Small and Medium Enterprises (SMEs )instead of just agro SMEs. The minimum turnover tax of one percent should be extended to all the companies instead of just publicly listed companies.
The recommendations were made by the acting President RCCI Muhammad Hamza Sarosh who was invited at the Senate Committee meeting on recommendations on Finance Bill 2023-24 presided over by Senator Saleem Mandviwalla, Chairman Senate Standing Committee on Finance and Revenue at Parliament House. Former Presidents Kashif Shabbir and Raja Amer Iqbal, representatives from FBR, among others were also present on the occasion.
Acting President RCCI Muhammad Hamza Sarosh recommended that the GST for Grandparent chicks should also be removed as it adversely impacts the food chain as chicken is the essential food item and one of the cheapest sources of protein for the masses. RCCI also recommended that the term ‘non-filer ‘also be removed. Moreover, he suggested that custom controls at borders to check smuggling should be tightened rather than harassing traders and retailers.
It was suggested that the agriculture sources of income be taxed. Former President Raja Amer Iqbal proposed that clause 7E should be removed to encourage overseas investment and inflow of dollars in Pakistan. It is high time to incentivize CPEC projects through tax rebates, he added.
Senator Saleem Mandviwalla, welcomed the suggestions and valuable input for the fiscal budget and assured that the recommendation will be added in the budget.
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