President asks business community to pay all taxes for curtailing budget deficit

President asks business community to pay all taxes for curtailing budget deficit

ISLAMABAD: President of Pakistan Dr. Arif Alvi has asked business community to pay all their taxes which will help in curtailing budget deficit and more funds will be available for allocation for development projects.

The President was talking to a delegation of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Office, Lahore at a meeting in Islamabad on Monday.

The President underscored that FPCCI needs to play active role in encouraging business community to pay all their taxes so that budget deficit is reduced and more funds could be allocated for development work.

He stressed that FPCCI being the only Chamber representing all trade bodies of Pakistan may persuade their members to follow and adhere to trade laws of Pakistan.

He reiterated that only the combined wisdom of Public and Private sectors can pave a way for a prosperous Pakistan.

President Dr Arif Alvi said that the government is aware of problems being faced by our trade and industry and is undertaking every possible measure to provide level playing field to the business community.

He appreciated the role being played by the private sector, particularly the FPCCI in economic development of the country.

The President highlighted that at present tough current economic conditions of the country call for taking difficult decisions but the government is committed to improve the economy.

He emphasized that it is an important component of the government’s strategy to reduce trade deficit by curbing import of non-essential and luxury items.

The government is also striving to reduce the cost of doing business by ensuring supply of gas at concessional tariff for export oriented industry, he added.

Furthermore, he pointed out that the Government has introduced sales tax zero-rating regime for five export oriented sectors, i.e., textile, leather, carpets, surgical and sports goods.