Mian Muhammad Adrees, President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has urged the Ministry of Finance to present the forthcoming federal budget as business friendly. He further said that in the forthcoming budget the problems of common people should also be considered on priority basis.
The President FPCCI also emphasized on broadening the tax net by FBR and suggested that all incomes should be declared taxable. He said that the local and foreign investment in new industries should be encouraged and investment friendly policies should be adopted and incentives should be announced for setting up the new industries till 30th June, 2020 so that the investment in properties in Pakistan and abroad can be discouraged. He further said that the new industries will create new employment as the current un-employment in the country is the major cause of law and order situation.
Mian Adrees further said that the government should release the refunds of the business community without further delay and policy should be strictly followed for releasing the refunds within 90 days. He said that the nonpayment of refunds is one of the major causes of declining our exports during last couple of months.
While expressing his views on the forthcoming budget he also appreciated that the government policies is going on right direction which can be witnessed through decrease in inflation rate, reduction in markup rates, positive trend in the other economic indicators, and improving the position of ranking of Pakistan by the international rating agencies.
He also appreciated the efforts of the government in improving the shortage of electricity and gas in the country and said that this sector would require continuous attention of the government for the next two years. The President FPCCI suggested that the government should allow and invite the private sector for installation of coal power plant of 25 MW and above to curb the shortage of energy in the country. The private sector should be motivated and supported by the incentives of duty free import of power plants.
While commenting of the recent exercise of FBR on tax reforms, he said that all stakeholders are carefully watching that how the FBR will protect the local industry which is seriously hurting by under invoicing, smuggling and imports under different FTAs at zero or 5% duties. He informed that industrial sector expect proper protection to local industries particularly between raw material and finished goods.
Mian Adrees further said that the business community across the country expects that no new taxes will be imposed on already under burdened tax payers and the people of Pakistan will get some relief particularly low income masses.