Lahore : Budget 2018-19 should bring liberal investment policy. Infrastructure development, broadening tax base and creating jobs through industrialization should be priority stated by Ch. Arfan Yousaf Regional Chairman FPCCI in a Pre-Budget Session at Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional office Lahore yesterday.
Ch. Arfan Yousaf said that government is regularly ignoring business community and non- business friendly policies has badly disturbed the growth. FBR officials are repeatedly harassing tax payers. Our economy is falling; our trade balance is declining due to high tariff and taxes. We have unfortunately lost our textile sector exports and same situation is being noted in each sector. There should be a consistent policy for budgeting which should support programs/schemes in the long run. Different Agricultural zones should be introduced. This would enhance agro based industry from respective regions and can lead to increase in foreign reserves. Efforts should be made for trade promotion, industrialization, balancing trade, increasing exports.
Arfan said number of Research centers and laboratories should be increased while there should be strong linkage between industry and academia. Research should be focused on industrial growth. Skill development should be focused while developing any education policy.
Pakistan’s exports are jeopardizing from last 3 to 4 years and fallen from US $ 25 billion to US $ 20 billion first time in the history, our imports US $ 52 billion leading trade deficit to US$ 32 billion during 2016-17. Drastic steps should be taken to fight against increasing Trade deficit. Talking about the cost of doing business and exports finance, he said Reimbursement of tax refunds and payment of funds under PM package should be top priority of the Government for the promotion of Exports.
The meeting was attended by various representatives of Trade and Industry and house upraised various issues and said tax refunds should be made on priority bases.