Islamabad: President Federation of Pakistan Chamber of Commerce and Industry Atif Ikram Sheikh has said that the government has to fix the FBR system to increase the tax revenue, new taxes of 1700 billion rupees will bring a storm of inflation.
The burden of government expenditure is being put on the public and the business class by increasing the tax rate. It is possible to reduce the government expenditure by reducing the interest rate by 550 basis points, otherwise the relief that the people got from the reduction in inflation will not remain.
Federation President Atif Ikram said that the State Bank gradually reduced the interest rate to 16%. The interest payment on loans is 9775 billion rupees in the current financial year, while 8736 billion rupees will be spent on the payment of interest rate on internal loans.
Atif Ikram said that in the current budget, the tax payers have been burdened with billions of rupees of taxes, after electricity and gas become expensive, businesses will be affected. Relief should be given to the public and businessmen.
