Super tax discouraging foreign investment : Atif Ikram Sheikh

Lahore : Federation of Pakistan Chamber of Commerce and Industry  on Sunday said it supports economic vision of the Prime Minister Nawaz Sharif.

Prime Minister Nawaz Sharif and Finance Minister Ishaq Dar realises the importance of the business community in the national development therefore they are paying special attention to the issues being confronted by them, said Chairman of FPCCI Regional Committee on Industries Atif Ikram Sheikh

Businessman hope that the PM would direct his economic managers to take solid steps in the budget to facilitate business community and resolve some of their outstanding issues, he added.

Atif Ikram Sheikh said that Government has achieved a lot during last three years and country was heading towards a bright future as the challenges of extremism, terrorism and the chronic energy shortages have been addressed to a large extent.

He said that government is alive to the problems of business community including infrastructure, energy and tax related issues which are being resolved amicably.

Difficult decisions on vital national matters were now being taken with consensus while huge Chinese investment in the energy sector and several new projects is encouraging.

The business leader mentioned the projects in solar, hydel, coal and nuclear, besides the three new power generation plants that would be run with LNG soon.

He lauded the government for taking serious steps to cull energy shortages and supported decision of the government to expedite work on gas pipeline projects.

He said that government has taken a number of steps to boost exports and strengthen external trade but the implementation of Rs 180 billion export package announced in January is still awaited.

The super tax should be abolished in the upcoming budget as it is discouraging foreign investment in the country, he demanded.