FBR Reforms, broadening of Tax Net & Industrialization are needed for Sustainable Development, President Johar Qandhari
KARACHI: The President of the Korangi Association of Trade and Industry (KATI), Johar Qandhari, has expressed appreciated Federal Finance Minister Muhammad Aurangzeb’s announcement regarding the formulation of a three-year economic policy. This move has been warmly welcomed by the business community, particularly KATI, which has long advocated for the establishment of a comprehensive economic strategy to drive a long-term investment in the country.
Qandhari emphasized the importance of implementing reforms within the Federal Board of Revenue (FBR), expanding the tax net, and fostering industrial growth to propel Pakistan towards rapid development. He stressed the need to reduce the cost of production to enhance the competitiveness of Pakistani products in the global market.
Additionally, Qandhari urged the government to alleviate the tax burden on existing taxpayers by incorporating tax defaulters into the tax net.
The KATI president highlighted the adverse effects of maintaining the highest interest rates in the region, citing various survey reports and government acknowledgments. He underscored the urgency of reducing interest rates to stimulate economic growth and investment. Looking ahead, Qandhari expressed hope that the Finance Minister would collaborate with stakeholders to formulate a budget that addresses industry concerns and sets Pakistan on the path to economic recovery and development. He reaffirmed KATI’s commitment to supporting government initiatives aimed at fostering a conducive business environment and driving sustainable growth.
