April 21, 2017
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former Provincial Minister Mian Zahid Hussain on Friday asked the government to announce business-friendly budget.
Economy should be preferred over politics in the upcoming budget while interests of masses should be kept above the interests of influential lobbies that have initiated efforts to get unjustified benefits in the budget, he said.
Mian Zahid Hussain said that increasing imports and shrinking exports have taken toll on the economy pushing up deficit to the unprecedented levels calling for immediate reforms to reverse the trend.
He said that process of remittances should be made efficient and cheap to discourage illegal channels while attention of investors should be diverted to the stock market.
The property market is getting undue attention of the investors while stock market is not preferred despite the fact that its size has doubled during the current government but capitalisation remains 35 percent of the GDP which must be improved, he added.
The withholding tax on bank transactions has not gone down with the business community therefore it should be abolished or reduced to stop expansion in the black economy and bail out banks from liquidity crunch.
He said that limit of WHT on bank transaction can be increased from fifty thousand to one hundred thousand to provide relief to common man and small shopkeepers.
Mian Zahid Hussain said that government can consider reducing sales tax from 17 to 15 percent, slashing corporate tax from 31 percent to 25 percent and abolishing super tax.
He suggested that salaries and pensions should be increased by twenty percent to help masses fight inflation. He emphasised the need to increase the revenue by take non-conventional steps to increase Exports and offered his cooperation.