ISLAMABAD                 -              Islamabad Chamber of Commerce and Industry on Sunday issued a joint declaration of All Pakistan Chambers Presidents Conclave 2020. A press release issued here on Sunday said, All Pakistan Chambers Presidents Conclave 2020 was organized by ICCI and 47 presidents of chambers of commerce and industry from across country participated. At the conclusion of the Conclave, ICCI President Muhammad Ahmed Waheed and Federation of Pakistan Chambers of Commerce and Industry President Mian Anjum Nisar issued a joint declaration of APCPC 2020. In joint declaration, they urged the government for reducing key policy rate of 13.25 percent and 17 percent GST to single digit level.

Presidents of all chambers unanimously demand to take the measures in order to create conducive business environment and for quick revival of economy. They urgeed the need for introducing just, fair and simplified taxation system may be developed. Taxes and RD on import of all industrial raw materials and parts used as manufacturing inputs be reduced besides reducing CD on raw material, intermediary products and machinery and same rate of duties for trade and industry across the country.

They urged the government to merge all provincial revenue authorities and set up a National Tax Authority to reduce compliance costs for taxpayers and expand tax net. Exemption from ST on imported plant and machinery for Greenfield projects may be granted to brownfield projects and BMRE and special tax incentives be extended to all sick industrial units for speedy revival.

The stressed the need to address double taxation and tax competition among provinces and along with promoting tax harmonization and single filing mechanism. They urged the need to reduce prices of electricity, gas and petroleum products and policy and tariff rates for new industrial units in country to lock for five years. The declaration also urged the government to enhance the share of hydropower and renewable energy sources in energy mix to produce cheap energy. Timely release of tax refunds be ensured and mechanism of automatic payment of refunds without application or pre-audit within the set time period be introduced.

 The conclave also asked FBR to expeditiously pay all outstanding refunds for which E-RPOs issued.

  In addition to CPEC SEZs, government demarcate industrial and economic zones and set up SEZs in country to accelerate industrialization. It asked for easy access of finance to SMEs at low interest rates besides providing export financing to SMEs and long term tax breaks be given to revive industrial clusters in all provinces. Finalisation of new STPF, SME, Industrial Policy and other relevant economic policies may be expedited to give a clear direction to the private sector regarding government’s sectoral priorities.