Pakistan Industrial & Traders Association Front (PIAF) has urged the government to take practical and concrete steps for the implementation of business-friendly policies.
Unveiling its budget proposals for the year 2006-07, the PIAF Vice Chairman Mubasher Sheikh said sky-rocketing prices of utilities like electricity, gas and petroleum products were slowing down the wheel of economy. He added there was a need to freeze the prices of that input for at least three years so that the economy could get required jumpstart.
He called for giving dominating role to the representatives of Chambers in Ogra and Nepra. He demanded early construction of new water reservoirs to overcome agri water shortage and to generate cheaper electricity.
Expressing his concern over fast widening trade deficit, he stressed the need for import policy review. He was of the view that goods, which were not necessary for industrial purposes should be deleted from import policy.
He also urged the government to expedite its efforts for oil exploration through proper utilisation of all the available resources. He said the system of sales tax refund should be simplified and time-bound by removing the element of unnecessary delay. The sales tax audit should be done away with, he demanded. He said the export refinance rate should be slashed to three per cent from existing 11 per cent, which had no match in the region. Mark up on loans for business purposes should also be brought down, he further demanded.
Demanding cut in the number of taxes, he said the CBR should come up with the package of incentive to broaden the tax net. He also asked the government to ensure participation of Chambers of Commerce & Industry in Smeda, Trade and Development Authority, PIA, Wapda and Railways so that those institutions could be made result-oriented.