Monday, January 18, 2021

Enhancing revenue without hurting masses a test for Zaidi: Mian Zahid

Featured

Azerbaijan to start vaccinating citizens from next Monday

The doses of the Chinese anti-corona virus vaccine will be transported first to Turkey, where they will be examined...

Adam Schiff: Donald Trump must be removed

Adam Schiff, Chairman of the Intelligence Committee in the US House of Representatives, affirmed that they continue to defend...

Indonesia proposed a budget of 1.5 billion dollars for Chinese Sinovac vaccine

Indonesia has proposed a budget of 20.9 trillion rupees ($ 1.49 billion) to buy the Coronavirus vaccine from Sinovac,...
Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Tuesday welcomed the decision of the Prime Minister to appoint new Chairman FBR from the private sector. The government didn’t rely on the bureaucrats for the important post which indicates their seriousness in improving things and enhancing revenue collection, he said.

- Advertisement -

The Veteran Business Leader said that the business community will fully cooperate with the Chairman FBR Syed Shabbar Zaidi and give him positive recommendations aimed at the betterment of the economy. He said that Mr. Zaidi is a globally known expert who has in-depth knowledge of the Pakistani economy and the problems which are holding it back. Improving revenue collection without hurting masses and existing taxpayers would be his most important test while the business community hope that he will also introduce transparency, simplicity, and tackle the weaknesses of the system professionally.  Zaidi is well aware of the elements getting undue tax exemptions worth billions, tax cheats, and different mafias milking masses. He also knows a lot about rural economy and we hope that his actions will strengthen the agriculture sector which is the largest job providing sector.

The Former Minister noted that IMF has demanded to abolish tax exemptions worth Rs700 billion, privatize state-run corporations which is favoured by the business community but resisted by the governments, and enhance revenue collection to Rs5550 billion which currently stands at 4000 billion. FBR is not responsible for low collections as there are structural flaws in the system while bringing middlemen, small and micro business in the tax net can help fetch additional 1000 billion rupees, he said.

IMF also wants interest rates to be increased by 75 to 100 percent, increase the tariff of gas and electricity and abolish subsidies. He said that the IMF’s demands are not according to the ground realities and it targets the documented economy which is just 35 percent of the whole. IMF negotiators should understand that jobs and taxes are directly linked to businesses and that closed businesses are good for nothing. He said that the real difficult confronting Pakistan is not economic but trade-related and stagnant exports are the root cause of the problems.

 

- Advertisement -
Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
- Advertisement -

Latest News

Azerbaijan to start vaccinating citizens from next Monday

The doses of the Chinese anti-corona virus vaccine will be transported first to Turkey, where they will be examined...

As You Likee: Express more, Create more with Likee’s In-App Features

The online short videos platform is rapidly becoming the content production application of choice for hundreds of thousands of Pakistanis to showcase their creativity,...

Adam Schiff: Donald Trump must be removed

Adam Schiff, Chairman of the Intelligence Committee in the US House of Representatives, affirmed that they continue to defend the democracy of the United...

Indonesia proposed a budget of 1.5 billion dollars for Chinese Sinovac vaccine

Indonesia has proposed a budget of 20.9 trillion rupees ($ 1.49 billion) to buy the Coronavirus vaccine from Sinovac, the Indonesian health minister said...

IFN declares SBP as top central bank for promoting Islamic finance

State Bank of Pakistan (SBP) has been voted as the Best Central Bank in promoting Islamic finance for the fourth time by a poll...

Related News