Kati Proposes Economic Development Measures in Budget Submission to Federal Government

Karachi, The Korangi Association of Trade and Industry (Kati) has submitted a detailed set of budget proposals to the federal government, aimed at fostering economic development and industrialization through significant tax reforms and stakeholder consultation.

According to Korangi Association of Trade and Industry, the 72-page document includes recommendations for reducing the income tax rate to a maximum of 15%, applying local taxes to the agricultural sector, and cutting corporate taxes to 20%. Additionally, the proposals suggest reducing the capital gains tax period from three years to one year to stimulate real estate activities. Kati’s President, Johar Kandahari, noted that the proposals also call for the implementation of a simplified withholding tax regime and a reduction of the sales tax to an initial rate of 5%.

Kandahari expressed optimism that these measures, once considered by the Prime Minister’s Secretariat and the Ministry of Planning, would lead to reduced inflation, increased production capacity, and lower utility prices, thus enhancing the country’s industrial growth and overall economic progress.

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