Islamabad
Islamabad Chamber of Commerce and Industry has urged the government to introduce a fixed tax regime for traders in the upcoming budget and end the condition of CNIC for them on sale that would help in promoting documented economy and increasing the tax revenue of the country.
In a press release, President ICCI Sardar Yasir Ilyas Khan said that the retail sector was making around 20 percent contribution to GDP and introducing a fixed tax regime for it would be a great initiative to broaden the tax base of the country besides making significant improvement in tax-to-GDP ratio.
He said that the best option for the government to increase tax revenue is to avoid putting more tax burden on existing taxpayers and focus on broadening the tax base with low tax rates.
Yasir Ilyas said that high tax rates in Pakistan were a major hurdle in promoting tax culture and bringing more people into the tax net as high tax rates always encouraged tax evasion.
