FPCCI appreciates PM’s directives on tax regime reforms National March 8, 2021 ISLAMABAD: The president of the Federation of Pakistan Chambers of Commerce and Industry, (FPCCI), Mian Nasser Hyatt Maggo, on Sunday, lauded Prime Minister Imran Khan for his visionary step to focus on tax regime reform, simplification of tax laws, plugging loopholes, minimising discretionary powers of tax collectors, and automation to bring transparency in taxing system. The FPCCI president, in a statement, said he had already invited the attention of the prime minister through his earlier letter and it was encouraging that the PM was equally concerned with the tax reforms for acceleration in growth. He said the prime minister showed his deep insight on the issues that were impeding economic growth with great attachment to the business community. Maggo added that the PM has rightly taken up the issue to reform in tax regime. “The structure of taxation in our country is regressive through indirect taxing mechanism for the major of the total of federal government tax collection”, he further said. The FPCCI president said the tax collection is also disproportionate; as the industry is being overburdened with the tax payment of more than 60 percent against about 20 percent size in the GDP. He said the present tax structure was complex because of overlapping jurisdictions with different laws and the frequent policy-change almost on the daily basis by issuance of the instructions, clarifications, changing in rules, CGOs, STGOs, and ITGOs. The income tax, GST on goods, customs duties, and the federal excise were collected by the FBR, while the GST on services was collected by the provincial revenue boards/authorities, which also fragmented Pakistan into five business market economies, he added.