Islamabad, March 10 (Online): Advisory Council of the Federation of Pakistan Chambers of Commerce and Industry on Budget finds various laws and regulations that do not generate much revenue on the other hand badly affecting ease of doing business ranking of Pakistan.
Mian Nasser Hyatt Maggo President FPCCI in this regards has already communicated to the Prime Minister and other concerned ministries for such impediments that are negatively impacting economic growth. During the meeting Advisory Council of the FPCCI has decided to extend its full support and cooperation to the government which is struggling to improve economic environment under the adverse conditions created by COVID-19.
The Advisory Committee during its first meeting analyzed the hardships being created under section 8B of the Sales Tax Act, 1990, wherein a registered person is not allowed to adjust input tax in excess of ninety percent of the output tax. This restriction not only restrains the taxpayer to claim its legitimate input tax but is also affecting the ease of doing business and thereby increasing the cost of business.