The ICCI organized a consultative session to seek budget proposals from the local business community

(Web Desk) - The Islamabad Chamber of Commerce and Industry (ICCI) has urged the federal government to simplify the taxation system in order to enhance business growth and augment tax revenues.

The ICCI organized a consultative session to seek budget proposals from the local business community.

The members said that the Federal Board of Revenue (FBR) has increased property value and government should reduce tax on trade of property from the existing 2 percent to 1 percent for non-filers and from 1 percent to 0.5 percent for filers.

The speakers suggested the State Bank of Pakistan (SBP) to lift ban on advance payments on imports which have been negatively affecting business activities in the country.

The business community of Islamabad also appealed to the government to impose tax on profits rather than revenues.