ISLAMABAD: Muhammad Ahmad Waheed, President Islamabad Chamber of Commerce and Industry (ICCI) has said that has high regulatory duty is imposed on many tariff lines of industrial raw materials and semi-finished products that has increased the production cost of finished product manifold and urged that government should reduce customs duty, regulatory duties and additional duties on raw materials and semi-finished products in new budget to make our products more competitive in the international market.
He said that reduction in custom duties, regulatory duties and additional duties would bring down the manufacturing cost of finished products that would help in improving business activities and promoting exports.
He said that businesses have suffered badly due to Covid-19 pandemic and many were in danger of closure, therefore, he demanded that in view of the current difficult situation, the government should reduce duties on more tariff lines in the budget so as to revive business activities and get the economy out of trouble.
Muhammad Ahmad Waheed said that at present taxpayers were allowed to submit challans of tax returns only in National Bank of Pakistan, but the business community was facing a lot of problems with this arrangement.
He said due to availability of this facility only in NBP, business community have to wate lot of time in depositing challans and urged that all commercial banks should be allowed to receive the tax return challans of taxpayers that would greatly facilitate them.
The ICCI President said that government was currently charging withholding tax of 0.3 per cent from filers and 0.6 per cent from nine filers for withdrawing more than 50,000 cash from banks.
However, he said that in order to alleviate the plight of business community and people in light of Covid-19 issues, government should abolish withholding tax on all cash transactions of above Rs.50,000 in the new budget.