Daily Times

The Rawalpindi Chamber of Commerce and Industry (RCCI) has recommended that the five years tax holiday announced in the budget should be extended to all new Small and Medium Enterprises (SMEs ) instead of just agro-SMEs. The recommendations were made by the acting President of RCCI Muhammad Hamza Sarosh who was invited to the Senate Committee meeting on recommendations on Finance Bill 2023-24 presided over by Senator Saleem Mandviwalla here Tuesday.

Muhammad Hamza Sarosh endorsed that the GST for Grandparent chicks should also be removed as it adversely impacts the food chain as the chicken was the essential food item and one of the cheapest sources of protein for the masses.

He also recommended that the term ‘non-filer ‘ must be removed and suggested that customs controls at borders to check for smuggling should be tightened rather than harassing traders and retailers.

“The minimum turnover tax of one percent should be extended to all the companies instead of just publicly listed companies, he proposed.

It was suggested that the agricultural sources of income must be taxed.

Former President Raja Amer Iqbal proposed that clause 7E should be removed to encourage overseas investment and the inflow of dollars in Pakistan. “It is high time to incentivize CPEC projects through tax rebates,” he added.

Senator Saleem Mandviwalla welcomed the suggestions and valuable input for the fiscal budget and assured the recommendation would be added to the budget.