Cost of doing business: Trade and research bodies advised to compile detailed report

A former president of Karachi Chamber of Commerce and Industry (KCCI), A Q Khalil, has advised the trade bodies and research organisations to compile a comprehensive report on cost of doing business in Pakistan and its competing countries in the world market.
He said that all trade bodies claim that interest rates are high in Pakistan but they have no data of prevailing interest rates in different countries and existing cost of doing business in different countries. Likewise, all trade bodies criticise increase in mark-up rates by 50 basis point but they do not have any idea what impact it actually has on overall industrial and trading activities.
Referring to the proposed 'Reform General Sales Tax' (RGST), he said that the trade bodies and other organisations have been opposing RGST but are giving no suggestion how to increase tax generation. Quoting recent meeting of trade bodies with National Assembly standing committee on finances, he said that everyone was opposing RGST but was giving no alternative for increasing tax revenue.
He said that RGST also needs to be examined carefully, and alternative suggestions should be made for broadening the tax net. Referring to the small and medium enterprises (SMEs) sector, he said that China and Indian totally rely on SMEs sector for manufacturing of goods and exports, "whereas in Pakistan we have no definition of SMEs. Punjab has one definition of SMEs and the State Bank of Pakistan has another definition." He emphasised the need that research organisations must be activated to carry on studies in different sectors and prepare comparative reports.