Chief of Army Staff COAS, General Asim Munir assures to bring forex traders under the tax bracket. General Munir met with the business sector and promised to tax forex traders on September 4, 2023.
General Munir emphasized the Special Investment Facilitation Council’s (SIFC) importance in luring investments of up to $100 billion. There will be decision-making task teams for the economy and various industries.
In this meeting, Lahore Chamber of Commerce and Industry’s President, Kashif Anwar offered the suggestion to reduce income and sales tax rates on electricity bills. He highlighted the ongoing issue of common people struggling with the burden of high taxation on electricity. Also, he proposed a realistic approach to ‘fuel adjustment charges’ by collecting taxes during the winter months. It will reduce the financial pressure on people due to lower consumption of electricity.
The forex traders sought lower income and sales taxes on power costs. Concerns have arisen about the currency rates used for remittances through the State Bank and Hundi channels. They underlined the need to harmonize these rates in order to promote the State Bank.
The lack of reaction to business sector recommendations was not taken well, with calls for more communication. Before elections, political parties should make a united pledge, including a “charter of economy.” To tackle the grey economy, it is wise to incentivize its move to the official sector. This conversation between corporate executives and military commanders attempts to solve economic concerns and boost prosperity.
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