LAHORE: Parliamentarians have pledged to work hand-in-hand with the business community to ensure ease for businesses in the country.
MNA and Standing Committee on Finance, Revenue and Privatisation Chairperson Qaiser Ahmad Sheikh,
And Standing Committee on Commerce of National Assembly of Pakistan Chairperson Siraj Ahmad Khan spoke at a pre-budget event jointly organised by the Lahore Chamber of Commerce and Industry (LCCI) and Institute of Cost and Management Accountants (ICMA) on Tuesday.
Both the parliamentarians were confident that the private sector had the capacity to bring the country at par with the developed nations of the world. They said in yesteryears, the private sector could not make inroads because of staying away from the right channel.
Former Finance Minister Dr Salman Shah spoke highly of the LCCI initiative and expressed his optimism that its suggestions and proposals about the upcoming budget would get the right response.
He said that it was the most opportune time to revamp taxation that has failed to produce the desired results. Economic growth could only be achieved by reducing rate and number of taxes.
Eminent Industrialist Mian Anjum Nisar said it has now become almost impossible to run industry in Pakistan due to many irritants, including smuggling, under-invoicing, non-professional attitude of FBR, undue notices, and other taxation issues.
He said if the situation remained the same, people would not be interested in doing business or establishing industry in the country. Rather, they would adopt other easy ways to make money, including investment in real estate.
LCCI Senior Vice President Almas Hyder said so far some macroeconomic indicators of Pakistan are showing improvement, like foreign exchange reserves, inflation rate, and discount rate etc. However, the situation is not good on other social and economic indicators.
“Tax issues still prevail despite the fact that the government has given a framework to broaden the tax net. Tax Amnesty scheme was announced, but it failed to motivate new taxpayers. The biggest reason of failure is that the government did not close the other windows available for converting undeclared assets into white money. One of those ways is bringing in foreign remittances, as no one questions it. If this continues, nothing will get better,” he added.