May 12, 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 said budget-making process should not be secretive and it should not lack lacks transparency, accountability and participation by the stakeholders.
He called for full participation of all the politicians including opposition, business community and all the stakeholders in the process.
Mian Zahid Hussain said that Cabinet, Parliament and Standing Committees on Finance etc. should be given due importance in the process of budget-making so that it reflects the aspirations of the masses while ensuring rapid economic development.
He said that budget recommendations forwarded by the business community should not be seen as a revenue increasing or decreasing move but it should be analysed on the basis on long term impact on the economy.
Budget should be based on long term measures to resolve pressing economic problems, ensure social and economic development and fulfil the desires of the masses reeling under poverty, he added.
The business leader said that the tax system should be improved to bridge the gulf between government and taxpayers so that business community can play its role in national development effectively.
He said that all the parliamentarians get is two days to read, understand and analyse budget after its presentations which results in nothing.
The matter of the supplementary budgets should also be considered as it is not practiced in many countries, he said adding that budget should resolve the issue of dwindling exports which has threatened the forex reserves.