Zubair Tufail, presidential contestant in the elections to Federation of Pakistan Chambers of Commerce and Industry's (FPCCI), has called the government for duty-free import of plant and machinery to achieve 7 percent GDP growth. Zubair, who is contesting the FPCCI's polls for the position of president on United Business Group's (UBG) ticket, said the government was charging 5% duty and 10% on import of plants and machinery equipments that was against its assurance to the traders for exemption of that.
Speaking at a dinner reception at a hotel on Sunday night he said that the country's economy was grappling with many issues such as high electricity/gas tariff, heavy taxes and duties. He said these issues were discouraging new investments in the country.
"We have to create a business-friendly environment for investors to set up new industries which will help increase our GDP growth up to 7 percent besides creating new jobs for the people," Zubair said
He cited that presently business community was paying 17 percent sales tax and the 31 percent corporate income tax that were very high. He urged the government to reduce sales tax by 1% annually whereas corporate income tax should be 25% as per international practice. Senator Abdul Haseeb Khan said that new FPCCI president would face bigger economic challenges in the coming year. To overcome issues, he said, the (would be) president has to design the landscape-2017 in consultation with all the stakeholders.
"For resolution of economic issues, the government should take the FPCCI on board, particularly, in the policy formulation process," he proposed saying that Allah had bestowed Pakistan with huge untapped potential which we have to explore now. He said that all issues we are currently facing are self-created and for self-reliance and progressive Pakistan, we have to get rid of the IMF and World Bank.
Quetta-based trader Achakzai urged the FPCCI officer bearers to raise their voice for resolution of Balochistan's issues. He said that healthcare, education, law and order and employment were the key issues being faced by the residents of Balochistan. "China-Pakistan Economic Corridor (CPEC) is a game-changer for the country," he said, adding that Baloch community deserved due share from this multi-billion dollar investment since the Gwadar port was located in Balochistan.
He called upon the government to send youth to China to acquire CPEC related technical education and skills. He vowed that he is with Pakistan government and supports the mega project. Chief Executive (CE) Trade Development Authority of Pakistan (TDAP), SM Munir, Chairman UBG, Iftekhar Malik, FPCCI's Senior Vice President (SVP) Khalid Tawwab, Mirza Ikhitar Baig, Aamir Ata Bajwa and other businessmen also spoke.