KARACHI:President, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Irfan Iqbal Sheikh, has formed a high-powered Budget Advisory Council to suggest budgetary measures – both on revenue and expenditure sides. Zakaria Usman, the former president would be the convenor of the committee.
Irfan Iqbal Sheikh said that the data of non-filers is available and FBR should bring them into tax net. The members of the council suggested that the ever-increasing burden on existing taxpayers (filers) will continue if the present tax net is not broadened.
Suleman Chawla, SVP FPCCI, highlighted the trade deficit; which has increased significantly and it is required to take strong and out-of-the-box measures to shrink the gap.
The Council suggested industrialization and import substitution as the solution to overcome the trade deficit and pointed out that the IT industry has the potential to bring foreign exchange but the sector is still not fully tapped. The council observed that the SMEs sector of Pakistan has improved and producing quality products and now is the time to support the sector.
Zakaria Usman, former President of FPCCI & Convener of the Council, stressed that the agriculture sector of Pakistan has potential adding if Pakistan can produce 20 million or more bales of cotton, then it would become a prosperous nation. Wheat cultivation area has also reduced from 24 million acres to 21 million acres and on the other hand, agricultural lands are being utilized for real estate.
FPCCI proposes that Agri-SEZs should be promoted and supported with TERF scheme. The policies are being made to empower women adding that no country can progress without women’s participation. The council suggested job opportunities for youth and curtailment of unnecessary expenditures.
The council also showed concern over low level of regional trade due to problems in SAARC, Iran and Afghanistan; which is also an impediment to explore central Asian markets and beyond.