Budget that is beneficial for the business is required, urge Merchants. If the federal government wants to meet revenue generation targets for the next fiscal year, the country’s merchants have urged that the federal government make the budget more trade-friendly and streamline the tax collecting system.
Muhammad Kashif Chaudhry, President of Markazi Tanzeem-e-Tajran, has urged the government to announce a relief package for traders who have been affected by COVID-19 in the last year.
Kashif Chaudhry also requested that the government implement a fixed tax structure that would reduce the turnover tax to 0.25 per cent. He also recommended double or triple documentation and registration, as well as charging sales tax based on the volume of business rather than the size of the store.
He also suggested that tax exemptions be extended up to Rs1.2 million in annual income. Suleiman Siddiqui, Sharafat Ali Mubarak, Sharjeel Mir, Tahir Taj Bhatti, and other leaders of the traders’ community were also in attendance.
According to Kashif Chaudhry, the government might produce over Rs800 billion in annual revenue if it gains traders’ trust and keeps commitments made to them. He claimed that while traders always worked with the government to accomplish revenue collection goals, it was the FBR that caused obstacles in previously resolved situations.
He also requested that the FBR implement an income tax return form, as agreed with the traders, in order to eliminate corruption, blackmail, and bribery. “In presence of the existing structure of FBR, neither the revenue generation targets will be met nor the country will make progress,” he said.