LCCI Seminar Addresses Taxation Concerns in Pakistan

The President of the Lahore Chamber of Commerce and Industry has highlighted the government's use of data to target tax defaulters and introduce new taxes. Emphasis is placed on expanding the tax base to include sectors like agriculture and bring all entities into the tax net, rather than burdening existing taxpayers.

At a recent post-budget seminar at LCCI, concerns were raised about the potential effects of the budget on various sectors. There were calls for cautious implementation of new tax laws, particularly in the export sector, and discussions on challenges faced by traders due to past regulations and the current budget's impact.

Chartered Accountant Umar Zaheer Mir provided insights into the budget, highlighting the issue of non-filers despite having National Tax Numbers. He discussed concerns about interest payments on loans, growth targets, inflation rates, and the implications of new taxes on property and capital gains. The renegotiation of agreements with Independent Power Producers (IPPs) and the effects of taxes on sectors like cement and construction were also addressed.

The importance of addressing key issues such as GDP growth, political stability, inflation, interest rates, population growth, human development, and law enforcement in Pakistan was stressed. Concerns were raised about the potential negative impact of new tax measures on national exports and the overall economy.

The discussions at the LCCI seminar shed light on the complexities of the budget and tax policies in Pakistan. It is crucial for the government to carefully consider the implications of new tax measures on different sectors and prioritize expanding the tax base to ensure a fair distribution of the tax burden. Addressing key economic and social issues will be essential for sustainable growth and stability in the country.