‘Pandemic hits revenue collection by Rs1600 billion’

Islamabad:President Pakistan Businessmen and Intellectuals Forum and FPCCI’s Businessmen Panel Sr. Vice Chairman Mian Zahid Hussain on Monday said coronavirus is beating expectations of economic losses.

The pandemic has left many jobless, pushed millions below the poverty line, revenue collection has been hit by Rs1600 billion while total losses can surpass Rs30 trillion. Mian Zahid Hussain said that the corona-linked deaths are also beyond the projections while the government has no other option but to propel the economy in the right direction.

The business leader said the government should immediately review revenue collection target which has potential to damage the limping economy.

He noted that power and gas prices have not been reduced which has put the future of textile, auto and many other large, medium and small industries at stake. He said that only construction activity will not be enough to bring the economy out of the problems as the budget has disappointed the majority of the business community as the document is not in line with the ground realities.

He said that zero-rating has not been restored in these difficult times which will damage exports, reduce prospects of jobs and disappoint masses. Taxes should be slashed while the agriculture sector should be supported to thwart the threat of food insecurity as the world is at the brink of a food crisis, he demanded.