Malik Khuda Bakhsh underscores need for broadening tax net

KARACHI: Malik Khuda Bakhsh, Convener of the FPCCI’s Energy Standing Committee and a senior leader in the petroleum and CNG sector, said that the government should seriously work on expanding the tax net to improve economic matters, as relying on existing taxpayers alone will not meet government targets.

In a recent meeting with Finance Minister Muhammad Aurangzeb, it became clear that the Finance Minister is committed to expanding the tax net, but the FBR bureaucracy needs to play an active role.

Malik Khuda Bakhsh emphasized that the government needs to develop the capacity to repay loans, and as long as the economy remains import-based, the government will have to return to lenders. Increasing exports is essential in the current situation to bring valuable foreign exchange into the country.

While commenting on the detailed briefing received during Prime Minister Muhammad Shehbaz Sharif’s visit to Karachi Port Trust, Port Qasim Authority, and National Shipping Corporation, he said that Prime Minister is striving to improve Pakistan’s defense, foreign, and economic affairs. The entire nation, including the business community, supports him in this mission.

Malik Khuda Bakhsh stated that to increase Pakistan’s exports, it is crucial that exporters can promptly deliver their consignments to the ports. To ensure uninterrupted delivery of goods to Karachi Port Trust, it is essential to keep Lyari Expressway open for cargo traffic 24 hours a day. He expressed satisfaction with the announcement that Malir Expressway will also be connected to the port, and the capacity for goods transportation via rail will be increased.

Malik Khuda Bakhsh further stated that the development of ports in Karachi will boost exports through the value addition industry. He mentioned that Pakistan provides the most suitable route for maritime trade for Central Asian states, which have shown great interest in using Pakistan’s ports. With modern systems and easy access to ports, Pakistan can earn billions of dollars in foreign exchange.

It is necessary to install modern scanners at ports, reduce clearance time at Port Trust and Port Qasim, consult stakeholders for private sector development, ease of doing business, and facilitate investors.

Copyright Business Recorder, 2024