Industrialists call for sweeping tax reforms, lower GST in budget proposals

WEB DESK: Businessmen Panel Progressive Chairman Saqib Fayyaz, along with a delegation of industrialists, on Thursday called for greater collaboration with the business community in setting revenue targets, criticising the practice of imposing fixed figures without consultation.

Speaking at a press conference in Karachi, Fayyaz emphasised that sustainable economic growth required a practical and business-friendly taxation framework.

He said the panel had already submitted detailed proposals to the government for consideration in the upcoming federal budget.

Calls to abolish super tax

The industrialists demanded the complete abolition of the super tax, or at the very least its removal for the manufacturing sector, arguing that it was hampering investment and growth.

They also proposed reducing the goods and services tax (GST) rate to 15pc to ease the burden on businesses and consumers alike.

Fayyaz further recommended restoring the fixed tax regime and introducing measures to broaden the tax net through incentives rather than coercion.

He suggested the introduction of a single, simplified tax return form to reduce compliance complexities for taxpayers.

Relief sought for key sectors

The business leaders called for the removal of tax on cotton seed and special relief for the khalli and banola (cottonseed meal) sector.

They also stressed the need to lower taxes on industrial raw materials, saying such steps were essential to enhance export competitiveness and support the manufacturing base.