Businessmen Panel Progressive Chairman Saqib Fayyaz, accompanied by a delegation of industrialists, emphasized the need for enhanced cooperation between the government and the business community in setting revenue targets. He criticized the current approach of imposing fixed revenue figures without prior consultation with stakeholders.
Addressing a press conference in Karachi, Fayyaz highlighted that sustainable economic growth depends on implementing a practical and business-friendly taxation system. He noted that the panel has already submitted comprehensive proposals for the government’s consideration in the forthcoming federal budget.
In a significant development, the industrialists called for the complete elimination of the super tax, or at minimum, its exemption for the manufacturing sector. They argued that this tax is discouraging investment and hindering growth prospects.
Additionally, the delegation proposed lowering the goods and services tax (GST) rate to 15 percent to alleviate financial pressure on both businesses and consumers. Fayyaz also advocated for reinstating the fixed tax regime and expanding the tax base through incentives rather than punitive measures.
To simplify compliance, he suggested introducing a single, streamlined tax return form that would reduce complexities for taxpayers.
The business leaders further requested the removal of taxes on cotton seed and called for special relief measures for the khalli and banola (cottonseed meal) sectors. They underscored the importance of reducing taxes on industrial raw materials to boost export competitiveness and strengthen the manufacturing industry.
