(17th November 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 lauded Prime Minister Shahid Khaqan Abbasi whose decisions have resulted in improved business confidence despite political uncertainty.
Production, exports and services sector is showing positive signs while refunds worth forty billion rupees have been paid in the first four months of the current fiscal which has resulted in improved confidence, he said.
Moreover, the retail sector and large-scale manufacturing are performing well while the rumours about the devaluation of currency have been put to rest reducing pressure on the rupee and the central bank, he added.
Mian Zahid Hussain said that government’s decision to keep exchange rate stable will reduce unnecessary imports as many people had started importing a lot of things in anticipation of devaluation.
Now the Prime Minister Shahid Khaqan Abbasi should try to improve political situation and law and order which will automatically boost the economy.
The veteran business leader said that process of reforms should be initiated in the FBR and the tax system should be made friendly so that people start paying taxes which is imperative for the survival of the country.
The business community has been burdened with additional taxes of one trillion rupees over the last few years which has helped tax authorities, show 73 percent growth in the collection and now the existing taxpayers cannot be burdened anymore.
The FBR should try to find new taxpayers so that the real tax potential which is at least four-fold in volume can be realised, he demanded.
Withholding tax should be reduced and the tax system should be made balanced so that poor does not suffer which is necessary to reduce poverty and crimes, the former minister said.
