Islamabad, February 1, 2025: President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), Atif Ikram Sheikh, has welcomed the record tax collection of Rs 872 billion in January, despite prevailing economic challenges. He stated that this achievement reflects the business community’s commitment to fulfilling its tax obligations. He further emphasized that enhancing the performance of the Federal Board of Revenue (FBR) could help achieve even higher revenue targets.
In a statement issued on Saturday, Atif Ikram Sheikh underscored that reducing interest rates would boost economic activity, leading to further growth in tax revenues. However, he cautioned that the existing tax system remains unfair and discourages businesses, posing a significant hurdle to revenue collection. He stressed that a fair and transparent tax framework could generate up to Rs 34 trillion in federal revenues alone.
The FPCCI president called for a simplified, low-rate, and broad-based tax system at federal, provincial, and local levels. He asserted that Pakistan cannot achieve economic self-sufficiency without comprehensive FBR reforms. As part of the proposed measures, he recommended to Simplify income tax forms to encourage compliance, implement a faceless system in customs to enhance transparency and reduce corruption and expedite the resolution of tax-related cases to improve efficiency.
Reaffirming his stance, Atif Ikram Sheikh stressed that tax system reforms are crucial for Pakistan’s economic stability and growth. He urged policymakers to take decisive action to support businesses while ensuring sustainable revenue generation.
