Islamabad, Sep 2: According to Atif Ikram Sheikh, President of the Federation of Pakistan Chamber of Commerce and Industry, the FBR’s incapacity to meet the tax targets is evident, as the organization was unable to do so even after subjecting the populace to 1800 billion rupees in taxes.
In order to complete the IMF program, plans are currently underway to raise the tax rate even further—which is never a wise course of action.
According to Federation President Atif Ikram Sheikh, the FBR had a 98-billion-rupee revenue shortfall in just two months, hence the government had no incentive to impose further taxes. The impact of taxes has also been felt by the export industry and the salaried class. In Pakistan, it is imperative to expand the revenue base rather than raise the tax rate.
Karim Aziz Malik, Chairman of the Capital Office, stated that although inflation has decreased to 12%, the current 19.5% interest rate is excessive and need to be lowered to 15%. People who keep their money in banks will still make enormous profits. As a result, the money cannot enter the market.
Pakistan has the highest energy rates in the region, according to Chairman Coordination Malik Sohail Hussain. Excessive electricity costs are concerning, and they are affecting businesses of all stripes.
