Staff Report
ISLAMABAD: President, Islamabad Chamber of Commerce & Industry (ICCI) Sardar Yasir Ilyas Khan has called upon the government to introduce a fixed tax regime for traders in the upcoming budget and end the condition of CNIC for them on sale that would help in promoting documented economy and increasing the tax revenue of the country.
In a statement issued here, he said that the retail sector was making around 20 percent contribution to GDP and introducing a fixed tax regime for it would be a great initiative to broaden the tax base of the country besides making significant improvement in tax-to-GDP ratio.
The best option for the government to increase tax revenue is to avoid putting more tax burden on existing taxpayers and focus on broadening the tax base with low tax rates, he added.
