Speakers at a pre-budget seminar here Friday asked the government to take pragmatic steps to overcome energy crisis apart from focusing on measures aimed at revival of national economy. They suggested the government to take steps for the broadening of tax net, curtailing ratio of indirect taxes and also set realistic budget targets instead of mere taking into consideration upcoming elections.
They expressed these views in a pre-budget seminar organised by South-Asia Free Media Association (SAFMA). President Lahore Chamber of Commerce And Industry (LCCI) Irfan Qaiser Sheikh presided. President Lahore Tax Bar Zahid Attique, noted economist Dr Qais Aslam, Former FBR official Hussain Ahmad Shirazi, Secretary General SAFMA Imtiaz Alam and senior journalist Khalid Ahmad expressed their views on the occasion.
They were of the view that services sector should be included in the tax net because it is the important component of our economy. President LCCI Irfan Qaiser Sheikh said that sufficient funds should be allocated in the budget for Dasu power project, Diamer Basha dam, Munda dam, Gomal Zam, Satpara power project and Kurram Tungi dam. He said at least Rs 200 billion or 10 percent of the total budget should be allocated for hydel power projects. He said that 175 billion tons of Thar coal reserves with a price tag of $13trillion in the international market are enough to provide 100,000 MW of electricity for 100 years, so investment in this project should be increased.
While giving the budget proposals, Qaiser said the government should focus on investing in energy solutions and enforcement of law and order while lowering of tariffs on smuggling prone items, increasing the share of direct taxes in revenue and lowering the slab of indirect taxes in the budget to achieve key economic targets set for the year 2012-13.
President Lahore Tax Bar Zahid Attique said that unfortunately FBR has no long term policy for broadening the tax net. He said that without adopting the long term policies for broadening the tax net growth in the economy is not possible. Former FBR official Hussain Ahmad Shirazi said that government should give incentives to the export oriented industry which will play an important role for the job creation in the country as well as bringing prosperity. He suggested that the government should take practical steps to check corruption in the revenue departments.
Noted economist Dr Qais Aslam said that Pakistan is a country where tax is on the cost of doing business and not on the profit. He said in the modern capitalist world job creation is not only the duty of the government but private sector also plays an important role in job creation. "We are on the frontline in the war on terror and also on the frontline in the war on the terror on global warming," he said. Qais said if the government takes steps for making water reservoirs instead of making roads, it is possible that the intensity of the disaster caused by floods might have been less.