The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed to the PTI-led federal government to set up export warehouses on the areas bordering the country. Also, the apex trade body has called for establishment of Special Economic Zones (SEZs) at designated locations in Sindh, Balochistan, Punjab and KPK as part of China Pakistan Economic Corridor (CPEC) to boost industrial activities in the country.
Addressing a press conference at the Federation House, FPCCI President Engineer Daroo Khan Achakzai, former president Zubair F Tufail, and other office-bearers said the proposed export facilities will help enhance the 'much-needed' bilateral trade with China, Afghanistan, Iran and India. They also underlined the need for promoting SMEs culture in Pakistan and suggested that the government should formulate a mechanism for monitoring consumer goods prices. While discussing China Pakistan FTA, they proposed that China should give additional market access to agriculture products of Pakistan. They recommended imposition of transit trade fee on Chinese trucks as per international practices under CPEC.
They also expressed concerned over alleged harassment of businessmen by National Accountability Bureau (NAB) and Federal Investigation Agency (FIA) and Federal Board of Revenue (FBR) officials. He deplored that NAB jailed a Karachi based businessman over a case pertaining to only Rs 1 lakh recently. Such kind treatment would cause a sense of frustration among the entire business community.
"Government should restrict NAB to unearth mega bureaucratic corruption and malpractices." Tufail said adding "If any businessman is found indulged on financial crime, he should be produced before the court of law, immediately after is arrested. To keep such person under 90-day custody (without obtaining substantial evidences against him) is gross injustice." They expressed concerns over the law and order of Karachi, urging the provincial government to intensify its operations across the city neighborhoods especially against the street criminals and target killers. They condemned the killing of a trader in the city on Tuesday night.
Daroo Khan on this occasion showed his serious concern over the rising policy rate, increase in petroleum product prices, decline in foreign investment, devaluation of Pakistan Rupees, etc. He stated that government is presently facing shortage of tax revenue and projected that economic growth rate may be declined to 3.7 percent which my enhance unemployment rate and poverty in Pakistan.
He informed that as per practice, FPCCI formulated Budgetary Advisory Council who prepared Federal Budget Proposals with the consultation of members' trade bodies. The objectives of FPCCI Budget proposals are revamping taxation system, documentation of economy, employment generation through Industrialization, Promoting a responsive and equitable taxation system, infrastructure development and trickledown effect of the fiscal space to the grass root level.
Achakzai added that government should announce one time another amnesty scheme which should allow the stakeholders to declare their domestic and foreign assets at minimum rates. The Government should also ensure that after declaration of assets under amnesty scheme, the Federal Board of Revenue (FBR) will neither ask about the source of income nor will they conduct any audit or inquiry. Moreover, FPCCI proposed to reduce sales tax rate gradually from current 17 percent to single digit, to abolish all duty and taxes on the imports of all machinery, to reduce further tax on unregistered person from three percent to one percent and imposition of taxes on final goods.
He also suggested bringing the agriculture and service sectors into tax net proportionately. He also proposed to increase the education and health budget for improving human capital in Pakistan. Zubair Tufail, who is also Chairman FPCCI Advisory Committee on Federal Budget emphasized on the early issuance of promissory notes and clearance of all refunds including income tax and DLTL etc. He suggested that government should use the data of domestic and international travelers for identifying potential tax payers and bringing them into tax net.
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