The economic situation of the country demands that the government should take all stakeholders including business community on board for making consensus decisions that would help in resolving the key issues of the economy and pave way for smooth economic development of the country, observed Muhammad Ashfaq Hussain Chatha, Acting President, Islamabad Chamber of Commerce and Industry while addressing a delegation of businessmen. 

 

He said that businessmen were playing vital role in promoting the business activities, but not taking them into confidence before taking decisions that largely impact the business environment was not a good practice. He said in the case of withholding tax on banking transactions, the whole business community of the country was protesting against this decision. He said it was high time that government should come forward and address the concerns of business community on this matter and other critical issues of economic importance.

 

The Acting President ICCI said that business community was not against payment of taxes, however, it only wanted that government should do proper consultation with businessmen and take them fully on board before considering any policy decision, particularly aimed at improving the tax revenue of the country.

 

He said Pakistan was located at a strategic point in this region and its neighboring countries were making sound economic progress. In this scenario, it was imperative for the government that it should engage business leaders of the country in continuous dialogue process and make economic policies with complete consensus that would help in putting the country on the path of fast economic growth and enable it to compete more effectively with its competitors in the international market. 

 

The delegation expressed great concerns on the imposition of withholding tax on banking transactions as it would create many problems for businessmen, discourage new investment and promote cash transactions that would not be in the larger interest of the economy. They called upon the government to immediately withdraw this tax to save the trade and industry and the overall economy from further disturbances.