From: Islamabad Chamber of Commmerce & Industry <islamabadchamberofcommerce@gmail.com>
Date: 29 November 2011 16:53
Subject: Tax reforms remain unsatisfactory: Yassar Sakhi Butt
To: majidshabbir04@yahoo.com, kch_icci@yahoo.com
November 29, 2011
Press Release
Tax reforms remain unsatisfactory: Yassar Sakhi Butt
Policy rate cut to prod growth: ICCI
Islamabad ( ) President Islamabad Chamber of Commerce and Industry Yassar Sakhi Butt on Tuesday has said FBR derives most of revenue from indirect taxation which is a major burden on poor and obstacle in growth.
Masses as well as productive sectors continue to pay the price of unfair taxation, he said adding that unjust exemptions are keeping country underdeveloped as tax-to-GDP ratio remained unsatisfactory.
Speaking to business community, the ICCI President stressed that any tax reform process must deal with the core issues of equity and efficiency.
Yassar Sakhi Butt said that reliance on indirect taxes has fuelled the belief that our tax system is inequitable which has remained a major source of concern for international lenders.
He noted that our Gross Domestic Product forecast is at less than 3 per cent for the current year, due to load shedding, high cost of credit, reliance on domestic borrowing, eroding currency and law and order and other issues.
Low growth will have automatic negative impact on tax collections, he added.
Mr. Butt said that the productivity in Pakistan has dropped to 11 per cent during 1998-2008, worst in Asia, which underline the need for efficient, competitive and connected markets.
He said that banking spread and high cost of credit are issues choking growth that should be tackled immediately.
Yassar Sakhi Butt demanded of the government to consider allowing special interest rates for different industries which are not living on subsidies, he said.
Internationally competitive interest rate regime is a must for investments to bear fruit and for encouraging new investors, said Yassar Sakhi Butt.
Tariq Khattak,
Columnist, Feature Writer,
Editor Pakistan Media Group &
Editor Commerce, Pakistan Observer,
Ali Akbar House, G-8 Markaz, Islamabad, Pakistan.
Cells: 0300/0333-9599007, Ph. 051-2852027/8. Fax 2262258
Tariq Khattak, Islamabad, Pakistan.
GSM = 0300-9599007 and 0333-9599007
Email: Tariqgulkhattak@gmail.com
Thanks for participating.
Kindly suggest improvements.
Please let us know:
I. If you want to receive individual emails
II. Receive one mail with all activity in it
III. Do not want to receive any mail at all
REQUESTS:
1) Please directly contact sender for personal/individual correspondence.
2) Try to discuss issues that will catch attention of many readers.
3) Please avoid sending messages in any language other than English
4) Avoid sending messages addressed to many recipients.
5) Do not send messages aimed at personal publicity.
6) Please do not send personal/other links unless necessary.
7) The Group is not obliged to publish printed news,
very short/long comments and objectionable material.
8) Every mail cannot be published; it will overload Mailboxes
of our valued members.
9) Try to Disagree Without Being Disagreeable, Unsympathetic and/or Unpleasant.
x==x==x==x==x==x
Please note that,
It is a common platform for journalists and all others who are interested in knowing about the issues that are sometimes not reported. This group favours philosophy of progress, reform and the protection of civil liberties. Please share and educate others. The owners and managers of this site do not necessarily agree with any of the information. It is an open forum; everyone is allowed to share anything. Mails sent by members and non-members are subject to approval. However, we are not responsible in any way for the contents of mails / opinion sent by members. We do not guarantee that the information will be completely accurate. (Nor can print and electronic media). If you find content on this site which you feel is inappropriate or inaccurate, incomplete, or useless you are most welcome to report it or contradict it.
Thanks a lot.
0 comments:
Post a Comment
Gujranwalafun@Aol.com
Gujranwala@windiowslive.com