July 05, 2017
President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and Former Provincial Minister Mian Zahid Hussain on Wednesday said laws governing economy continue to prefer trade over the industry which is against the national interests.
Investable funds are moving towards unproductive sectors like real estate and speculation which is resulting in increased imports and decreased exports, he said.
Mian Zahid Hussain said that the economic policies are discouraging industrial expansion while pushing industrialists to opt for trading which is a very dangerous development that must be stopped.
Export sector continues to retreat in the international market because of reduced competitiveness while the industries catering to the local needs are enjoying a high level of protection for which masses are paying the price, he added.
He said that tax structure must be amended so that majority of the business community stop considering it a problem and start paying taxes.
Some experts say that the way government has slapped regulatory duty and other taxes to curtail imports has added to the complexity of the tax structure and incentivised smuggling that must be considered by the policymakers, he noted.
The Business Leader said that holding back refunds and cost of the energy has taken a toll on the export sector which was already reeling under multiple problems.
The current tax structure is promoting the interests of nobility, therefore, it is very difficult to change it but we have no future without a just taxation regime, he said.