LAHORE - The current economic situation is difficult and demands a concrete planning to start an upward growth trajectory.
These views were expressed by the experts while speaking at a Roundtable Conference on Pakistan’s Options for Economic Turnaround here at Lahore Chamber of Commerce and Industry. LCCI President Kashif Anwar, Vice President Adnan Khalid Butt, Head of Economic Department, LUMS Dr. Syed Ali Hasnain and Chairman Economic Affairs Committee of Jamaat-e-Islami Asif Luqman Qazi spoke on the occasion.
LCCI President Kashif Anwar said that the country is currently facing serious economic challenges which demands immediate Charter of Economy by the political parties.
LCCI President also emphasized on political stability, economic restructuring, tax on agriculture, agricultural reforms, privatization of State Owned Enterprises, self reliance, expert opinion, mines and mineral policy, ease of doing business, administrative measures, expansion of tax base, human capital development, reduction in expenditures, Islamic system and increase in productivity.
He said that recently, the federal government has presented the Finance Bill 2023-24. There is an urgent need to look at the current situation of the economic problems being faced by the country with a comprehensive approach apart from the budget because the country cannot afford any more economic depression.
He said that until the problems of the local industry are not resolved, the economy could not grow. He said that industries have to import a lot of raw materials, essential components and various machinery which are not available in the country, on which they have to pay regulatory duties, customs duties and additional customs duties, which need to be eliminated. Besides reducing the rate of withholding tax for businesses, the issues of pending refunds and multiple audits should be resolved.
The LCCI President said that currently taxpayers have to undergo multiple audits of income tax and sales tax. “We appeal that the number of these audits should be reduced. Apart from this, taxpayers have to bear all the audits, penalties, surcharges, bank attachments, inquiries, statements, returns, withholding of registered persons, penalty for late filing of statements/income tax returns and many other issues,” he maintained.