KARACHI: Chairman of the FPCCI Advisory Board and National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain said that the possibility of a mini-budget is decreasing due to tax reforms. He claimed that fully digitising the FBR would double revenue collection and free taxpayers from harassment.
Mian Zahid Hussain said that the finance minister is not in favour of the mini-budget, but it depends on the cooperation of the tax bureaucracy.
He told the business community that if the bureaucracy works hard, it can save the masses and businesses from further burdens.
He stated that the implementation of tax reforms will expedite the country’s economic recovery, thereby offering relief to both the public and the business community.
He noted that some expenses should be transferred to the provinces, and those provinces that show laziness in collecting agricultural income tax should be considered for deduction from their payments.
According to Mian Zahid Hussain, investors and the international community are once again confident in the Pakistani economy, but another five percent interest rate reduction is necessary to improve the situation. Lauding the role of SIFC, he said that Pakistan’s global ranking is also improving, and there is a need to attract foreign investment as well as pay attention to local investors so that they can do their job.
The inflation rate has dropped to less than nine percent, the rupee remains stable, and exports, particularly those from the IT, textile, and agricultural sectors, are on the rise. Therefore, the central bank should avoid unnecessary precautions and immediately lower interest rates to stimulate business activities.
A reduction in interest rates will ease the government’s burden, boost business activity, and create jobs for the masses, he remarked.
Copyright Business Recorder, 2024
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