President Dr Arif Alvi has called upon the chambers of commerce and industry to motivate and convince their members to fully document their businesses to improve transparency in the business inputs and outputs for the levying of fair taxes.

The president expressed these views while addressing the Achievement Awards Ceremony organized by the Sargodha Chamber of Commerce and Industry (SCCI) at the Aiwan-e-Sadr (President House) in Islamabad.
The president said the documentation of businesses would increase the tax base, minimize corruption, and eventually reduce taxation on the businesses. He said that non-documentation and lack of transparency in the business processes and resultant low tax collection compels the government to resort to indirect taxation, which equally hurts the poor and the rich, and therefore direct taxation needs to be enhanced with the help of business community.

The president said businesses must encourage the participation of women on key posts to promote the country’s socio-economic growth.

“Pakistan’s youth bulge should be provided with high-quality skills, especially in the IT (information technology) sector,” the president said. “Besides, companies in Pakistan need to build close linkages with international market in order to expand their outreach and increase exports,” he said.
President Alvi urged the business community to voluntarily pay due taxes which, he said, would provide liquidity for the government to improve roads, utilities and other services for the business community, thus helping businesses to further improve their performance and become price competitive in the local and international markets. He also urged the business community to keep social welfare at the centre of their business policies and to play their role in uplifting the socio-economic conditions of the people in their respective areas.

The president mentioned that small and medium scale industries were the backbone of the country’s economy. He said the government should further improve the policy, licensing and regulatory regime, and levy of just and fair taxation in close coordination with all the stakeholders to further improve ease of doing business and help promote this vital sector of the country on a fast-track basis. He also stressed the need to strengthen border control to curb inward and outward smuggling of goods to protect the local industry.
The president said that industries and businesses play a key role in the progress and development of the country. He appreciated the industrialists and businessmen of Pakistan for achieving the highest ever export growth of 30%, and achieving the export target of $32 billion last year.

President Alvi said the chambers of commerce are important institutions, which bring vision and leadership to the business community by providing the industrial and business sectors with effective forums for sharing ideas, making experiments, introducing new and high-value technology, and finding foreign markets for their products and services.

Credit : Independent News Pakistan-WealthPk