Incessant hike in gas, energy tariffs threatens export goals: Mian Zahid

KARACHI-Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain has said that the size of the economy has to be increased to one trillion dollars to increase exports to one hundred billion dollars.
Talking to business community, he said that currently, the size of the economy was 350 billion dollars, and the volume of exports was 27.50 billion dollars. In comparison, the volume of non-textile and agricultural exports was only about ten billion dollars. Mian Zahid Hussain said that the tax system was of fundamental importance in expanding the size of the economy, which needed to be improved through reforms. If the increase in the price of electricity and gas continues, it will be impossible to achieve the export goal of last year, he observed.
The business leader said that increasing the current tax revenue by at least 100% and increasing the tax-to-DP ratio to at least 17% is necessary to improve things; otherwise, the country will have to run on borrowed money. He noted that the tax system has to be simplified, and the concept of non-filer and unregistered has to be eliminated to ensure economic development. The need for interaction between taxpayers and tax collectors has to be reduced with the help of technology, which will reduce corruption and complaints and increase taxpayers’ confidence in the system. Mian Zahid Hussain added that reforms are needed in FBR in light of feedback from the business community so that things can proceed better.

ePaper - Nawaiwaqt