Karachi, June 12, 2014 (PPI-OT): Likewise the Shadow Federal Budget of FPCCI we have given concrete budget proposals to the Government of Sindh for incorporation in the provincial budget, this was stated by Zakaria Usman, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
He said that FPCCI is doing its efforts for the betterment of the economy and endeavor to cooperate and work together with the government to shape the future of Pakistan and put it on the right path of progress and prosperity.
He said that Sindh Government should emphasize on non-tax revenues through collection of user charges and fee. The task of the collection of non-tax revenues should be outsourced on annual contract basis. The Provincial government should avoid any new tax on the existing tax payers.
The President FPCCI highlighted the agriculture sectors which shares 20% in national GDP but contributing less than 1% to the exchequer. He further stated that it is a great misunderstanding that this tax would be collected by poor farmers but we are of the view that all high income earners should pay the taxes.
Zakaria Usman further said that our most important proposal is to bring down GST in single digit. We emphasized that reduced rate of GST will enhance the economic activities in the country and consequently tax revenue will also increased. Zakaria Usman further suggested that the stamp duty on purchase order @ 0.2% should be immediately withdrawn as it is a tax on instruments and not on transaction.
As far as the education and health services are concerned, the President FPCCI suggested that to provide good mechanism of transparency and accountability the private sector should be involved in all education and health related projects, commissions, committees and policy related boards.
Unfortunately, high cost budget on education and health is not being reflected in the quality of services due to corruption. Zakaria Usman further suggested that like other provinces the ownership title of land in Sindh Province should also be maintained.
It is very unfortunate that investors and entrepreneurs face hardship to get transfer of ownership of land in the Sindh Province. He said in this era of computerization and information technology the maintenance of land record and titles is not a difficult task.
A proper system of land transfer and documentation is required. According the world Economic Forum Report the transfer of land ownership is the top most hurdles in investment in the industrial areas of Karachi and surrounding areas. This issue becomes more complicated when multiple claims of ownership are presented.
For more information, contact:
M. A. Lodhi
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Tel: +92-21-35873691, 93-94