ISLAMABAD : ICCI on Wednesday hailed the tax amnesty scheme introduced by the government and said that it would be beneficial for the small and medium scale enterprises and help in flourishing the SMEs sector in the country.

Talking to APP President ICCI Shaikh Amir Waheed urged the government for reducing the tax rates for the corporate sector to 20 percent,which was currently stood at 30 percent, adding that it would enhance the business opportunities resultantly the revenue collection would also be increased.

He informed that ICCI has proposed different measures in federal budget 2018-19 to promote the trade and business activities in the country and urged the government for focusing the industrial sector and imported inputs for the industry. The ICCI has suggested the government to facilitate the industry on the imports of machinery, which were use to develop the industrial raw material for pharmaceutical industry to help in manufacturing the salt and other  ingredients at local level.

He said due to such incentive and tax relaxation the local industry would grow and also help to enhance exports of the country. ICCI head also urged the government for providing special incentives for oil and gas exploration industry in its upcoming budget to attract the investment in that sector, adding that it would help to overcome the energy shortages in the country.

Besides, he said that agriculture sector of the country was main stay of national economy and called for paying special attention particularly for enhancing the production of edible oil to reduce the huge import bill.