'VAT to create more problems for businesses'

Pakistan Motherland Party (PMP) will bring economic revolution to restore pride and dignity of Pakistan, Muhammad Akbar Chairman Pakistan Motherland Party said on Monday. He said that women participation, real education, research and application of modern technologies would be objectives of PMP to attain self-reliance.
Green revolution in agriculture, energy self-sufficiency, oil and gas exploration along with development of tourism should be top priorities of their government, he added. Akbar said that the policies of past 63 years have brought multiple problems for common man as well as business, trade and industry adding that currently Pakistan's only established textile industry is also suffering due to energy shortfall.
He said that rate of inflation in Pakistan is too high, which is hitting hard the people. While commenting on the two year's performance of the present government, he said that it failed in delivering to the poor masses. He added that due to prolonged gas and power load-shedding business community is badly suffering. Akbar said that many industrial units have already been shutdown, resulting in serious unemployment and law and order situation across the country.
He noted that due to lack of peace and security foreign investment and Pakistan's tourism industry are badly suffering. He said that the economic parameters and indicators are fragile, Pakistani rupee is gradually losing its purchasing power against dollar. He said that the government is very much dependent on International Monetary Fund (IMF) and World Bank and this dependency is increasing inflation as well as foreign loans.
The imposition of Value Added Tax (VAT) will create more problems for business community and will increase the prices of daily use items. He urged the government and opposition parties to join hands to rebuild Pakistan as regional economic power. Muhammad Akbar was of the view that due to the prevailing circumstance Pakistan's economy is moving towards economic disaster. He said that to bring sustainability in Pakistan's economy the government should chalk out realistic policies and start working on war footing.