PM’s plan for rationalised tax regime lauded by PEW

ISLAMABAD (INP): The Pakistan Economy Watch (PEW) on Thursday lauded Prime Minister Imran Khan for initiating radical changes in the tax administration to make it rationalised and progressive. The decision will provide relief to masses and ensure rapid economic development for which profound changes in the FBR are very important, it said. FBR can play its role in the national development if honest and hardworking people are appointed as its chairman, member customs, member inland revenue and DGs of customs intelligence and inland revenue intelligence, said Muhammad Aslam Khan, chairman PEW. He said that senior officials having tainted repute, known for bribery, departmental politics, conspiracies, promoting elite and working for the interests of major industrial groups should be shown the door. He said that two senior officers enjoy all the powers in the apex tax body, therefore, responsibilities should be shared and an effective system of internal accountability should be introduced.

He noted that the rotten tax system is not only promoting corruption and poverty but it has also emerged as a threat bigger than terrorism, foreign and local loans and international conspiracies against Pakistan as it milks poor to please influential.

FBR has become a cash machine for influential and corporations as around ninety percent revenue is raised through indirect taxes which continue to hurt poor while direct taxation is avoided to promote the rich, he added.

President of PEW Dr Murtaza Mughal said that Pakistan is hardly able to generate tax equal to 11 percent of the GDP. European countries collect taxes to around fifty percent of their GDP, while the focus of developed nations is on direct taxation.

He said that debt to GDP ration has jumped to over 70 percent due to mismanagement of the former governments which is a threat to country’s sovereignty.

Indirect taxes will always benefit corrupt tax officials and the moneyed and it will never allow the country to become self-sufficient, he warned.

Govt devising mechanism to enhance meat production by 13.9 percent

ISLAMABAD (APP): The government is devising a mechanism to enhance domestic production of meat up to 13.89 percent during current financial year (2018-19) in order to fulfill the domestic requirements as well as for exporting the meat and its products. Under the mechanism, plan has been devised to promote the livestock sector including poultry and fisheries in order to develop the sector on modern lines that would also help in poverty alleviation from the country, said an official in the Ministry of National Food Security and Research. Talking to APP here on Thursday, he said that the initiative was launched as part of 11th Five Year Plan 2013-18, which would help in fetching reasonable foreign exchange by exploring the potential markets, as well as promoting the small scale rural livestock and poultry farming. The government, he said, has set a target to produce 4,262 thousand tons of meat as compared to the production targets of 4,061 thousand tons of same period of last year.

It was set to enhance beef production by 9.74 percent and produce about 2,155 thousand tons during the period under review as against the set production targets of 2,085 thousand tons of same period last year, he remarked.

Besides, he said that during the current financial year, about 717 thousand tons of mutton would also be produced with an growth target of 5.88 percent year on year basis, as compared the production of 701thousand tons of same period of last year.

Govt devising mechanism to enhance meat production by 13.9 percent

ISLAMABAD (APP): The government is devising a mechanism to enhance domestic production of meat up to 13.89 percent during current financial year (2018-19) in order to fulfill the domestic requirements as well as for exporting the meat and its products. Under the mechanism, plan has been devised to promote the livestock sector including poultry and fisheries in order to develop the sector on modern lines that would also help in poverty alleviation from the country, said an official in the Ministry of National Food Security and Research. Talking to APP here on Thursday, he said that the initiative was launched as part of 11th Five Year Plan 2013-18, which would help in fetching reasonable foreign exchange by exploring the potential markets, as well as promoting the small scale rural livestock and poultry farming. The government, he said, has set a target to produce 4,262 thousand tons of meat as compared to the production targets of 4,061 thousand tons of same period of last year.

It was set to enhance beef production by 9.74 percent and produce about 2,155 thousand tons during the period under review as against the set production targets of 2,085 thousand tons of same period last year, he remarked.

Besides, he said that during the current financial year, about 717 thousand tons of mutton would also be produced with an growth target of 5.88 percent year on year basis, as compared the production of 701thousand tons of same period of last year.

IMC holds dealers conference

LAHORE (Staff Reporter): Indus Motor Company (IMC) held its 27th annual Dealer Conference at a local hotel. Susumu Matsuda, President Toyota Motor Asia Pacific, DCEO China and Asia Region, was the chief guest. The conference, themed as "Start Your Impossible" was attended by the dealership CEOs, guests from Toyota Motor Corporation, Toyota Tsusho Corporation, Toyota Motor Asia Pacific, senior management from House of Habib, business partners and the IMC Management Team. Speaking on the occasion, Matsuda introduced the global campaign and theme of the conference, "Start Your Impossible". He explained that Toyota doesn't want to remain a car company but to emerge as a mobility company, one that embraces innovation and challenges.  Ali S Habib, Chairman, IMC, in his address, mentioned that the fiscal year 2017-18 witnessed a dramatic transformation in the automobile industry globally and that a glimpse of this transformation can now be seen in Pakistan as well.

The company has prepared itself to embrace transformation through capacity enhancement projects and a refreshed and innovative vehicle line-up to excite the market. He established the direction for the coming year as working towards sustainable business growth through collective and integrated efforts.