The one-day businessmen and traders' national conference on Thursday unanimously demanded of the government to withdraw unjustified heavy slabs of taxes on industry that has pushed the production cost significantly up. The business and trade leaders while speaking at the conference organised by the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) also asked the government to immediately pay export rebate of Rs 300 billion. They also demanded restoration of Engineering Development Board and slashing the ever increasing power and gas tariffs.
Addressing a large number of trade leaders and presidents of the chambers of commerce and industry here on Thursday, the patron-in-chief United Business Group (UBG) and former chief executive Trade Development Authority Pakistan, S M Muneer, criticized the current fiscal budget and said that major chunk of industries, especially textile and leather are badly suffering colossal financial loss and need immediate oxygen otherwise industrial sector will be collapsed. About 200 textile and leather units are forced to shut down because of heavy taxation and absence of relief from the government, he said.
He said the national economy of every country in the world is based on its export but unfortunately Pakistan's export is declining with every passing day which he warned is not a good omen. In pre-budget preparation meetings, none of the trade leader and FPCCI representative was taken into confidence. Despite commitments, no meeting has so far been convened for removal of anomalies and provide solace of grief-stricken industrialists, he complained.
Muneer stressed the need for introducing pro-poor, business friendly, export and growth-oriented monetary and fiscal policies to help strengthen the national economy on sound footings besides restoring the foreign and local investors' confidence. Speaking on the occasion, United Business Group Chairman and Vice President SAARC Chamber Iftikhar Ali Malik said his group would never compromise against the interests of business community and take their genuine budget-related grievances to high ups for immediate redressal.
He said Pakistan's auto market is considered among the smallest, but fastest growing in South Asia and the government following its own "Auto Policy 2016-21" should offer tax incentives to new automakers to establish manufacturing plants in the country. Malik said the Engineering Development Board in the past played a significant role for promotion of hardware engineering in the country and it was weird why the government dissolved this important department. He urged the government to restore it as soon as possible.
He said a large number of participation of trade leaders in conference from all provinces has reflected the nationwide popularity of the United Group and assured that he would hold special meeting with Federal Finance Minister Ishaq Dar and newly appointed Chairman FBR Tariq Pasha for seeking immediate relief for the industry.
He said that survival of the Pakistan is directly linked with better economy followed by politically stabled government. None of the trader in the whole country is happy with irrational taxation on industry, therefore, the government should offer special package of power and gas tariffs for rapid industrial growth on the pattern of China, he said. As a result of high tariffs and taxation, cost of production is increasing and cannot compete in global market thus badly hampering export substantially, he added.
FPCCI Senior Vice President Aamir Ata Bajwa, Zonal Chairman Punjab Manzoor ul Haq Malik, President Lahore Chamber Abdul Basit and other trade leaders also addressed the event and said they would protect the rights and interests of the business community at all level. Our leadership is fully capable for getting relief in terms of reduction of taxation, they said, and added that detailed agenda of legitimate demands will be submitted to the FPCCI President Zubair Tufail for taking up with the federal government.
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