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Rawalpindi Chamber of Commerce and Industry Calls for Inclusive Economic Policymaking

Strategic Insights

— 1 min read

The Rawalpindi Chamber of Commerce and Industry (RCCI) has submitted its key budget proposals for the upcoming fiscal year, emphasizing the need for a rationalized tax framework, promotion of export-led growth, and significant reduction in super tax to stimulate economic activity and industrial revival. RCCI President Usman Shaukat has highlighted the importance of targeted incentives for exporters, reduction in energy tariffs, and broadening the tax base. The chamber has called for collaboration with the government to implement policies that foster sustainable economic growth, create jobs, and enhance Pakistan's global competitiveness.

Key Takeaways:

  • RCCI has submitted key budget proposals for the upcoming fiscal year, focusing on a rationalized tax framework and promotion of export-led growth.
  • The chamber has called for a significant reduction in super tax to stimulate economic activity and industrial revival.
  • RCCI President Usman Shaukat emphasized the need for targeted incentives to bolster exports, including tax relief and exemptions.
  • The chamber has proposed lower energy tariffs to make Pakistani exports more competitive, citing regional disparity in energy pricing.
  • RCCI has urged the government to reinstate exemption certificates for timely advance tax payments to improve liquidity for exporters.
  • The chamber has recommended incentives for businesses that reduce import dependency by at least 15% and a single-digit KIBOR rate to jumpstart industrial activity.
  • RCCI has reiterated its support for digitalization and simplification of tax procedures, particularly for salaried individuals and small businesses.

Statistics:

  • Current super tax rate: 1% (federal excise duty)
  • Targeted reduction in super tax for companies achieving a 15% or more increase in annual exports: Undisclosed
  • Regional disparity in energy pricing: RCCI has not provided specific numerical data
  • KIBOR rate: Not specified (aiming for a single digit rate)
  • Proposed tax relief for exporters: 15% or more increase in annual exports

Sources:

  • "Rawalpindi Chamber of Commerce and Industry (RCCI) submits key budget proposals" (undated)
  • Rawalpindi Chamber of Commerce and Industry (RCCI) President Usman Shaukat (undated)

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