All Pakistan Business Forum President Ibrahim Qureshi has said the private sector can play role in investment and job creation to achieve the required seven percent GDP growth rate in the country, as the private sector knows the art of making markets work, managing risks and fostering competitiveness and innovation.
In a statement, he said the public-private partnerships were critical for inclusive and sustainable economic growth, he said, adding the implementation of policies was a key challenge in the country. "Only the private sector can drive long-term value creation for their shareholders and stakeholders by developing business models, systems, processes and production chains that manage the economic, social and environmental dimensions in a balanced manner," Ibrahim Qureshi added.
He said there was a need to introduce reforms in the tax system and new sectors should be brought under tax net. He said smuggling, under invoicing and mis-declaration were big challenges for the local industry. Terming the present tax system of the Federal Board of Revenue as a big challenge for existing and new businesses, he suggested that taxpayers needed to be honoured with a view to improve revenue collection.
APBF President suggested that FBR must cautiously exercise enforcement powers against the taxpayers, who are regularly contributing revenue to the national kitty. FBR's field formations should avoid exercising powers to issue notices, sealing of business premises and attachment of bank accounts on groundless basis.-PR