ISLAMABAD, Oct 12 (APP):SAARC Chamber Senior Vice President and Chairman Businessmen Group Iftikhar Ali Malik Friday said business community of the country reposed full confidence on the dynamic leadership of Prime Minister Imran Khan and much optimistic that the incumbent government has full potential and firm commitment to drive the country out of present economic situation.
A group of leading businessmen called on Prime Minister’s economic advisor Abdul Razzaq Dawood and discussed in details the possible solutions of the economic crisis and role of business community for supporting the government’s economic policies to bring back the country on the track of economic prosperity,” says a press release issued here Friday.
On this occasion, Iftikhar Malik said that higher exports is the only solution to get the country out of this crisis and it is the only way that can help repay the above debts.
He said construction of 5 million houses will give impetus of economic activities in the country but pumping investment in real estate sector is not a solution to the complex economic crisis as there is dire need too to invest in production oriented sectors to boost the exports of the country.
He said immediate challenge is the balance of payment situation, which should be addressed by reducing imports and increasing exports of the country.
The PTI government should devise a plan to reduce the imports by $5 to $6 billion and enhance the exports by at least two billion dollars to reduce the trade gap.
Iftikhar Malik said the government should take several measures for enhancing tax net to increase revenue, with the consultation of all provisional stakeholders.
“The mobilization of domestic resources through reforms in taxation is essential to ensure sustainable financing of development as government would not depend on foreign loan,” adding he said steps should be take to simplify tax structures, and slashing personal tax rates to encourage more people to file returns.
He said Pakistan has a very narrow tax base and successive governments have promised to rein in tax evaders and boost revenues but they failed and he hoped that the present regime under leadership of Imran Khan has launched a mega drive against tax evaders which is appreciable.
“The government can immediately generate up to Rs300 billion by making these tax evaders pay Rs100,000 each in a deal by plugging sales tax evasion, amounting to 35 per cent, government can further generate Rs250 billion,” he suggested.
Iftikhar Malik further said every nation faces tough challenges and they struggle hard to cope with every new challenge that surfaces and Pakistan is also passing through its very crucial and tough period.
He said the business community should not be politicized and democratic norms and ethics should be disseminated for better understanding of the complex economic situation.
He further suggested that all the political parties should cooperate with the current government setting aside their political skirmishes.
Iftikhar Malik said a group of leading businessmen will soon call on the Finance Minister Asad Umar and convey to him their suggestions as well as their business concerns.
He said after this fruitful and result oriented meeting, they are also planning to call on Prime Minister Imran Khan and on the one hand, they will assure him of their support for continuing of his economic policies and on the other hand, they will also suggest him that business community would be taken into confidence before launching any economic drive.