The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the government to implement key tax reforms to promote economic growth. In a statement issued today, it was reported that during a meeting with Federal Finance Minister Muhammad Aurangzeb, FPCCI’s Senior Vice President, Saqib Fayyaz Magoon, presented a comprehensive set of budget proposals aimed at increasing exports, reviewing tax policies, and simplifying business processes.
Magoon emphasized the restoration of the final tax regime on exports, stating that it would simplify trade processes and increase export volume. He also demanded the immediate abolition of the super tax, which he considers an obstacle to business expansion and investment.
Furthermore, FPCCI recommended the abolition of sales tax on cottonseed and oilcake, which are essential elements of the agricultural supply chain. Magoon stated that the elimination of these taxes would reduce costs for farmers and enhance the overall performance of the agricultural sector.
In response, Finance Minister Aurangzeb assured the delegation that their proposals would be considered for inclusion in the upcoming budget. This assurance has raised hopes among business leaders for a better economic environment that could stimulate growth and attract foreign investment.
This meeting highlights the ongoing dialogue between the government and the business community in Pakistan, as both parties strive to address economic challenges and capitalize on growth opportunities.