Daily The Business

Businesspeople want more concessions, exemptions, tax reductions

 ISLAMABAD: The business community of the country has sought Rs 800
billion worth budgetary concessions, exemptions and tax reductions for
the next financial year 2019-20 as compared to estimated tax
expenditure of over Rs 680 billion during 2018-19.
This was stated by Dr Hamid Ateeq Hamid Sarwar, Member Inland Revenue
Policy, Federal Board of Revenue (FBR), while briefing the National
Assembly Standing Committee on Finance and Revenue which met here
under the chairmanship of Member National Assembly (MNA) Faizullah.

Out of total tax concessions and exemptions to the tune of over Rs 680
billion, the annual tax expenditure was Rs 540 billion.
The PML-N annual budget 2018-19 cost Rs 100 billion and the Second
Supplementary Finance Act cost Rs 40 billion to the national
exchequer. In 2017-18, the cost of exemptions was Rs 540 billion.

The member FBR on a query stated that the government will present
federal budget 2019-20 on May 24, 2019, adding that the government has
also approved amnesty scheme on Tuesday and a subcommittee has been
constituted to further deliberate on the subject.

He said that at present the government is providing Rs 540 budgetary
concessions to business community.

Countrywide chambers of commerce and industries as well as Federation
of Pakistan Chamber of Commerce and Industry presented their budgetary
proposals before the panel. All the chambers of commerce and industry
were unanimous on bringing ease of doing business to steer the country
out of current economic problems and putting Pakistan on economic
development.

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