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PTI tax reforms to lift millions out of poverty: ICST

ISLAMABAD: Islamabad Chamber of Small Traders (ICST) on Tuesday said PTI has decided to reform the malfunctioning taxation system which will lift tens of millions of people out of poverty.
The tax system is heavily tilted towards rich, indirect taxation has reached to ninety percent resulting in increased poverty which will be made equitable, it said.
Moreover, the withholding tax would be reduced while those who qualify to pay taxes but avoid it would be targeted, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.
Shahid Rasheed Butt said that the Government and FBR would not consider business community their opponents but would be regarded as partners in the journey to the development.
Expatriates would be considered an important asset, their issues would be resolved and the gap between legal and illegal money transfers would be reduced to boost remittances.
Loans would be retired with the help of expatriates who are willing to help the country tackle serious issues.
PTI has decided that the exchange rate will not be decided by the finance ministry but it would be left to the SBP and the central bank would be given more powers which will be a welcome step.

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