(April-24-2024)
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Wednesday that the business community supports the Prime Minister’s interest in improving tax administration and relevant laws.
He said that PM Shahbaz Sharif’s efforts to raise tax income are commendable as it is necessary to save the country facing pressing economic issues.
Mian Zahid Hussain said that a correct decision has been made to end tax amnesty schemes, which have served no purpose for decades.
Talking to the business community, the veteran business leader said that Prime Minister Shehbaz Sharif’s interest in supervising tax reforms is commendable.
He added that PM is working day and night to increase the tax revenue, which is necessary in the current situation to put the country back on track.
The business leader said that the Prime Minister is rightly concerned about billions of rupees being stuck in tax disputes. The government’s decision to end tax amnesty schemes is also correct, which was the long-standing desire of the lenders.
Mian Zahid Hussain said that the country’s economy has been destroyed, and it is no longer possible to restore it through traditional measures, so it is necessary to resort to non-traditional measures to increase the resources.
For this, the tax base should be increased, and instead of burdening the public, the burden should be placed on the wealthy classes.
Mian Zahid Hussain said some elements deliberately keep billions of rupees in tax matters hanging with the bureaucracy and courts. Still, steps are being taken to stop this process, which is in the country’s interests.
Strict action is needed against the black sheep who delay tax matters worth trillions of rupees for their gains.
Mian Zahid Hussain said that the share of tax in Pakistan’s economy is nine percent. At the same time, it is seventeen percent in the neighboring country India. India has far surpassed Pakistan in the economic field, one of the reasons being that its revenue is almost double that of Pakistan.
If this can happen in India, why not in Pakistan, he said, adding that the Finance Minister has revealed that foreign exchange reserves will increase to ten billion dollars by June while PIA will be sold by July, which is encouraging.
After PIA, all the failed should be sold. A complete ban should be imposed on creating new departments because there are dozens of central and provincial departments where officers and staff receive salaries and benefits for doing nothing.
He noted that due to the government’s efforts, international organizations’ confidence has been restored, and investors’ trust has also been restored.
Inflation is coming down while the rupee is stabilizing. Overall, conditions are improving, and things are expected to improve considerably within a year.
