KARACHI: Former Chairman of UBG and business leader Iftikhar Ali Malik has emphasized that the government must simplify the tax system, reduce regulatory hurdles, and provide a conducive business environment to unleash the full potential of the private sector.
He urged the government to address the long-standing issues of tax refund payments, reduce the cost of doing business, and provide incentives to boost exports, which would enhance economic growth and job creation.
Iftikhar Ali Malik reiterated his commitment to working closely with the government, SBP, and other stakeholders to promote economic growth, investment, and trade. However, he commended recent economic indicators and achievements, emphasizing the need to simplify taxation and regulatory frameworks.
He also praised the efforts of the government, SIFC, State Bank of Pakistan (SBP), and policymakers for bringing economic stability, resulting in recent positive economic indicators.
Iftikhar Ali Malik stated that there has been a significant increase in foreign exchange reserves, a stable rupee, and a notable reduction in the current account deficit, which reflects the government’s commitment to economic stability and growth.
He also appreciated the efforts of the Special Investment Facilitation Council (SIFC) in promoting investment and facilitating businesses.
However, he stressed that despite these positive developments, complex taxation and regulatory frameworks continue to be obstacles to economic growth and export promotion. He cited energy prices, fuel prices, stuck income tax and sales tax refunds, and the burden of indirect and advance taxation as major challenges.
Copyright Business Recorder, 2025
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