February 15, 2016
Pakistan Businessmen and Intellectuals Forum (PBIF) on Monday said exports continue to fall despite massive investment therefore government should focus on remittances and reforms in the tax administration to save future of the country.
Increased remittances and better taxation mechanism can make Pakistan a respectable country which can live without grants and loans to run its affairs, he said.
Ministry of Overseas Pakistanis should be empowered while the expanding undocumented economy should be attacked from all sides, said Mian Zahid Hussain, President PBIF, AKIA and First Vice Chairman of the Businessmen Panel of FPCCI.
He said that reforms should be initiated by taxing agricultural income while the recommendations of Tax Reforms Commission should be followed in letter and spirit.
Mian Zahid Hussain said that tax exemptions has inflicted a loss of over 100 trillion rupees in the last 38 years which is above the losses resulted due to terrorism.
Meaningful economic reforms and selling bleeding enterprises can boost government’s income by two trillion rupees, he said adding that a new legislation should bound those who have assets outside Pakistan to declare it or face forfeiture of assets in the country.
Similarly, he said, punishment and penalties for tax evasion must be enhanced to discourage theft.
Promise to double the exports has been proved to be an embarrassment due to focus on expos and politics.