Budget Law 2018: UTICA, IACE and joint chambers of commerce and industry call for diversification of tax base | Tunisia News Gazette

Budget Law 2018: UTICA, IACE and joint chambers of commerce and industry call for diversification of tax base

The Tunisian Confederation of Industry, Trade and Handicrafts (UTICA), the Arab Institute of Business Managers (IACE) and the joint chambers of commerce and industry have called for diversifying and broadening the tax base to extend it to informal economic activities and privatise state-owned enterprises suffering deficit.

Representatives of these organisations discussed the orientations of the budget law for the financial year 2018 at a conference at UTICA headquarters on Tuesday.

UTICA Vice-President Hichem Elloumi said the state could provide substantial financial revenue through the broadening of the tax base to encompass the parallel economy and smuggling, calling to lower the tax burden on companies as they fulfill their fiscal duty to the state.

Elloumi also proposed the privatization of state-owned enterprises facing difficulty, which led to colossal losses for the state treasury, stressing the need to speed up the reform of the social funds and to revise the subsidy scheme to target more the right-holders.

“UTICA refuses any further tax on economic enterprises,” Elloumi said, indicating that fiscal stability is one of the key factors in attracting foreign investment.

For his part, the chairman of the Association of Accountants, Raouf Ghorbel, called for broadening the tax base and reducing corporate taxes and encouraging direct and indirect investment.

President of the Tunisian-Italian Chamber of Commerce and Industry, Mourad Fradi, has, for his part, proposed exempting foreign investment from taxes over a period of 5 years to strengthen the attraction of foreign investors and the introduction of export incentives.

PM’s economic adviser in charge of taxation, Faisal Derbel said the draft budget law of 2018 will be based on scenarios more realistic, objective and achievable and especially prudent to avoid slippages during the ” Implementation and the use of the supplementary finance law.

He affirmed the government’s “steadfast” willingness to reverse the downward curve and change the situation to revive growth and regain economic momentum.

Source: TAP News Agency

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