ISLAMABAD: The Pakistan Business Forum (PBF) has called for reduction in general sales tax (GST), elimination of super tax and fixed tax for traders in the coming federal budget to rev up economic activities and create job opportunities in the country.

In a set of budget proposals submitted to the Ministry of Finance, the PBF — a non-profit association of countrywide trade and industry — called for a reduction in the advance tax slabs for filers and fair treatment of local and imported cotton in terms of taxes. “There is currently an 18pc tax on domestic cotton, unlike imported cotton. This should be immediately abolished in the budget.”

It proposed a seven-year tax exemption for mining and mineral sectors to attract investment. For industry promotion, the PBF proposed reducing the minimum tax to 0.25 per cent annually.

The forum also recommended providing facilities for the construction sector in the budget to stimulate economic growth. In this regard, they proposed the cancellation of Section 7E in the Income Tax Ordinance and reducing........

© Dawn Business