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RCCI dismayed on Rs5100b tax revenue target

Islamabad

June 3, 2020

Rawalpindi : The Rawalpindi Chamber of Commerce and Industry (RCCI) has shown strong resentment on the increase of tax revenue target by 30% in the next financial year.

RCCI President Saboor Malik in a statement said that its totally illogical under current circumstances and this has sent a negative wave among the business community. The proposed tax target, Rs 5100 billion neither reflects ground realities nor can it be achievable under Corona lock-down. The current year's GDP target was set at 3.3 percent and we are expecting negative 1.5 percent growth in the current fiscal year, how come FBR set a huge tax target if it already failed to collect last year's targets, he questioned. We are expecting big reliefs from the FBR and finance ministry on existing tax targets.

He said RCCI has proposed budget proposals which can be set as a guideline in the formulation of next year's budget. We have proposed that sales tax to be dropped to 5 percent from 17 percent and interest rate to be further reduced to 4 percent. He said, due to lock-down the business activities were remained closed and they bear huge losses.