The Governor Punjab is ready to go the extra mile for the Lahore Chamber of Commerce and Industry (LCCI) on all issues concerning the federal government. Governor Latif Khan Khosa was talking to the LCCI Executive Committee headed by LCCI President Farooq Iftikhar, Senior Vice President Irfan Iqbal Sheikh and Vice President Mian Abuzar Shad at a reception at Governor House here on Saturday.
LCCI former presidents Mian Misbah-ur-Rehman, Mian Muzaffar Ali, Irfan Qaiser Sheikh, former Senior Vice President Abdul Basit and former Vice President Aftab Ahmad Vohra were also accompanying the LCCI delegation. While assuring his all-out support to the business community of Lahore, the Governor said the government was alive to the energy issue and the Prime Minister's decisions to use Thar Coal and import LNG were enough to show government's seriousness.
He said the promotion of commercial activities was of supreme importance for economic stability in the country and the federal government had adopted a comprehensive economic policy. The Governor said business community was playing a very vital role in the development and progress of the country, adding the federal government attached top priority to facilitate businessmen and resolve their problems.
LCCI President Farooq Iftikhar informed the Governor that the government had an elaborate policy framework for energy sector development. "Two national energy conferences have also been held. Highest level policy and decision makers from all over Pakistan attended these conferences which formulated a consensual roadmap for tackling the crisis through better and equitable load management and greater investment. Yet the crisis is worsening."
He said the province had been unfairly treated on the issue of loadshedding of electricity and gas. "Electricity loadshedding in Punjab reached up to 20 hours in most rural areas and around 16 hours in main business cities during the peak summer period. Similarly, the industry in Punjab was supplied with gas for less than 180 days last year which was not the case in other parts of country. Shortage of gas reached an alarming level in the winter of 2011 and the repeat of same situation is expected during the coming November and February."
It is argued that Punjab consumes over 60 percent of total national power and consumes 46 percent of gas. The reason is that Punjab is the most industrial and populous province of the country and contributes almost 60 percent to the national GDP. Electricity and gas loadshedding has also hit the province most in terms of its capacity to produce jobs and contribute to national exchequer. Given the size of Punjab's share in the national growth performance, if the economy of Punjab suffers the economy of Pakistan will suffer.
The LCCI President said that existing lengthy and cumbersome Sales Tax registration system needed simplification. Tax administration should be efficient and service-oriented. Tax refunds system should be improved. Audit procedures and frequency should be streamlined. The date for filing income tax returns should be extended till end of October, he added.
Around 116 out of 2,358 trader and consumer dealers have been singled out as scapegoats to cover-up the bigger issue of mismanagement within PSM and its actual beneficiaries as highlighted by the Suo Moto notice of the Supreme Court. This is causing a great deal of harassment and anxiety in the business community. "We believe these Recovery Notices are unjustified and should be immediately withdrawn by NAB" he said.
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