Dear All,

An interview of President ICCI Mr. Yassar Shaki Butt has been published

in Pakistan Observer today that can be accessed by clicking on the link below

http://pakobserver.net/detailnews.asp?id=127935

Please feel free to use it in in toto or in parts. Text of interview is also pasted below

Best regards,

 

Indirect taxation continues to hurt misfortunate: Yassar Sakhi Butt

Policy rate cut, specific rate for industries to spur growth

 

 

Islamabad—President Islamabad Chamber of Commerce and Industry Yassar Sakhi Butt has said FBR, like tax authorities in many Least Developed Countries, derives most of revenue from indirect taxation which is a major burden on poor and a stumbling block in growth.

 

He said that masses as well as productive sectors continue to pay the price as authorities continue to keep some major sectors exempted from taxes. The situation is keeping country underdeveloped as tax-to-GDP ratio remained unsatisfactory leaving country with no option but to seek foreign assistance to run the affairs.

 

The ICCI President Yassar Sakhi Butt who is also Executive Director of S.A.S Group having interests in construction, hoteling, trading, renewable energy, medical services and gas services, said that it is highly unlikely that our tax system cannot be improved.

 

The young business magnate stressed that any tax reform process must deal with the core issues of equity and efficiency.

 

He said that heavy reliance on indirect taxes, whose incidence on the poor is comparatively greater than on the rich, continues. Many among the fortunate, smart enough to show agriculture as their major source of income, continue to remain exempt from paying income tax.

 

The country's tax system has fuelled the belief that our tax system is deeply inequitable which has remained a major source of concern for international lenders, said Yassar Sakhi Butt.

 

He noted that our Gross Domestic Product is forecast to grow at less than 3 per cent for the current year, due to load shedding, high cost of credit, government's reliance on domestic borrowing, eroding currency and law and order issues.

 

Low growth will have automatic negative impact on tax collections that also casts doubts over the claims of FBR regarding realising enhanced collections, he added.

 

He said that growing distrust between the people, taxpayers and the authorities can be reduced through serious reforms and a fully disclosed sector wise breakdown of tax collected under each head, he said.

 

To a question regarding productivity surge, Mr. Butt said that the multiple challenges call for focus on key ingredients in economic growth.

 

The productivity in Pakistan dropped to 11 per cent during 1998-2008, worst in Asia, which underline the need for efficient, competitive and connected markets.

 

We should abandon the habit of surviving on borrowed money; currency printing and living beyond means and no one should be allowed to thrive without paying their share in national development. Failure to economise expenditure has kept subcontinent slave for hundreds of years and time has come for us to prepare for a change lest it is too late, he warned.

 

Mismatched spending targets, dwindling labour productivity, bureaucratic inertia, out-dated management and inefficient work practices as well as many unmanaged projects have drained the economy which can be handled, he said adding that a revival plan can result in a competitive modern economy which has become an urgent requirement after MFN with India, said Yassar Butt.

 

Dearth of high-end labour force is hampering productivity. Capacity underutilisation is leading to high cost of production and depressed external demand that put Pakistan on obvious disadvantage. The private sector lack will to move towards risk taking and innovating own practices and products is missing which is evident from hue and cry over expected competition with neighbours in the near future, he said.

 

To a question regarding agricultural revolution in Pakistan, President ICCI said that traditional farming, inefficient irrigation, high input costs, lack of biosafety regulations and insufficient credit for poor farmers is hampering the real potential of the most important sector of economy.

 

Cost of environment degradation stands at six per cent of the GDP annually while the losses of public sector enterprises are around 1.5 per cent of the GDP, he informed adding that around 20 per cent of the milk production is lost due to poor infrastructure facilities.

 

Scarcity of funds has an impact on development spending and the private sector remains investment-shy due to lack of an enabling environment.

 

Yassar Sakhi Butt said that banking spread and high cost of credit are issues choking growth that should be tackled immediately. He hoped that SBP will cut interest rates in the next move to protest masses as well as private sector from the impact of prevailing conditions.

 

Government can consider allowing special interest rates for different industries which are not living on subsidies, he said.

 

Internationally competitive interest rate regime is necessary for investments to bear fruit and for encouraging new investors. Investment in different sectors increased while the interest rates were low and decreased with their rise. SBP should lower the interest rates for encouraging investment, demanded Mr. Yassar Sakhi Butt.  



--

Munawar Mughal

Chairman, Founder Group, ICCI,

Member Managing Committee, FPCCI,

Former President ICCI,

Former Chairman FPCCI Capital Office,

Ph Off: 051-2253145 &  2250526.


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The Federal Cabinet of Pakistan met today under the Chairmanship of the Prime Minister Syed Yusuf Raza Gilani at the Governor House Lahore.

 

The Cabinet offered Fatiha for the Shuhada (martyrs) of the Salalah check post in Mohmand Agency.

 

The Cabinet condemned the NATO/ISAF attacks on Pakistani soldiers and termed them as an assault on the sovereignty of Pakistan.

 

The Prime Minister took the Cabinet into confidence on the decisions of the Defence Committee of the Cabinet (DCC).  The Prime Minister stated that there could be no compromise on Pakistan's sovereignty and territorial integrity nor on the nation's resolve to safeguard its frontiers no matter what the cost.

 

After extensive deliberations, the Cabinet unanimously took the following decisions:-

 

1)   The Cabinet appreciated the prompt initiative of the Prime Minister to convene an emergency meeting of the DCC.

 

2)     Endorsed the statement and decisions of the DCC emergency meeting.

 

3)   The Cabinet noted with satisfaction that the decisions of the DCC, which include immediate closing of NATO/ISAF logistic supply lines and asking the United States to vacate the Shamsi Air Base within fifteen days, stand implemented.

 

4)    Endorsed also the decision of the DCC to review Pakistan's cooperation with the US/NATO/ISAF and regretted that despite Pakistan's continued efforts to play a positive role for stability and peace in countering terrorism and militancy in the region, the sacrifices of the nation have not been recognized. Actions such as these attacks were contrary to the spirit of partnership and business as usual was no longer possible.

 

5)    Prime Minister also took the Cabinet into confidence of referring this incident to the Parliamentary Committee on National Security. The recommendations of the Committee will be submitted before the Joint sitting of the Parliament.

 

6)   The Cabinet called upon the international community to take due cognizance of such attacks which constitute a violation of the UN Charter principles, international law and could have serious repercussions for regional peace and security. It was imperative that all sides realize the gravity of the situation and exercise utmost restraint.

 

7)  The Cabinet reaffirmed Pakistan's support for stability and peace in Afghanistan and the importance of an Afghan led, Afghan owned process of reconciliation and expressed the hope that the international community will reaffirm its support for peace and development in Afghanistan at the forthcoming Bonn Conference. Pakistan looks forward to the success of this Conference but in view of the developments and prevailing circumstances has decided not to participate in the Conference.

 

Islamabad

29 November 2011

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---------- Forwarded message ----------
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



__._,_.___
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Tariq Khattak, Islamabad, Pakistan.
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PRESS RELEASE

__________________________________________________________________________

2011 Human Development Report: Environmental trends threaten global progress for the poor.

Pakistan ranks 145 out of 187 countries and territories in human development

Islamabad, 29th November 2011: Development progress in the world's poorest countries could be halted or even reversed by mid-century unless bold steps are taken to slow climate change, prevent further environmental damage, and reduce deep inequalities within and among nations, according to projections in the 2011 Human Development Report: Sustainability and Equity. A Better Future for All, launched by the United Nations Development Programme (UNDP) here today.

 

Present at the launch were, Mr. Nadeem ul Haq, Deputy Chairman Planning Commission, Mr. Timo Pakkala, UN Resident Coordinator, while Mr. Toshihiro Tanaka, Country Director UNDP presented the findings of the Report. Panelists included Mr. Adil Najam, Vice Chancellor, Lahore University of Management Sciences, Ms. Bushra Gohar, Member National Assembly and Mr. Amin Aslam, Former Minister of State/Senior Climate Advisor UNDP.

The 2011 Report argues that environmental sustainability can be most fairly and effectively achieved by addressing health, education, income, and gender disparities together with global action on energy production and ecosystem protection. It further warns that South Asia must overcome acute poverty and internal inequalities to maintain current rates of progress.

 

According to the Report, South Asia has among the world's highest levels of urban air pollution, with cities in Bangladesh and Pakistan suffering from especially acute air contamination.

 

The Report also warns that deteriorating environmental conditions and increasingly extreme weather conditions —such as the severe floods that have hit Pakistan for two years in a row—could undermine economic progress in many countries in the region.

 

In addition to providing deeper understanding of how environmental sustainability is inextricably linked to inequality, the annual Report also provides the Human Development Index (HDI) which measures national achievement in health, education and income. It was Pakistan's late economist Mahbub ul Haq, who devised the HDI in the first Human Development Report in 1990 together with the Nobel laureate, Amartya Sen.

 

This year, Pakistan ranks 145 out of 187 countries and territories. In comparison, India is at 134 and Bangladesh at 146 in the HDI.  Norway, Australia and the Netherlands rank the highest, while the Democratic Republic of the Congo, Niger and Burundi are at the bottom. 

 

Additionally, the Multidimensional Poverty Index (MPI) (introduced last year) identifies multiple deprivations in the same households in education, health and standard of living. In Pakistan 49.4% of the population suffer multiple deprivations while an additional 11.0% are vulnerable to multiple deprivations, states the Report.  

 

In the Gender Inequality Index (GII), South Asian women are shown to lag significantly behind men in education and labour force participation. In Pakistan women's parliamentarian representation has improved with 21% of parliamentary seats are held by women. The GII reflects gender-based inequalities in three dimensions – reproductive health, empowerment, and economic activity. Pakistan has a GII value of 0.573, ranking it 115 out of 146 countries in the 2011 index.

 

 ********

 

ABOUT THIS REPORT: The annual Human Development Report is an editorially independent publication of the United Nations Development Programme. For free downloads of the 2011 Human Development Report in ten languages, plus additional reference materials on its indices and specific regional implications, please visit: http://hdr.undp.org.

 

ABOUT UNDP: UNDP partners with people at all levels of society to help build nations that can withstand crisis, and drive and sustain the kind of growth that improves the quality of life for everyone. On the ground in 177 countries and territories, we offer global perspective and local insight to help empower lives and build resilient nations. Please visit: http://www.undp.org.pk

 

 

For further information and media assistance, please contact,

Mehreen Saeed, Communication Analyst, UNDP Pakistan

4rth Floor Serena Office Complex,  Islamabad, Pakistan

Tel: +92-51-8355650, Cell 0300 535 8225 or Email: mehreen.saeed@undp.org

                                                            Website: http://www.undp.org.pk

                                                                 

 

 

***************

 


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Dear friends and scholars,
Please read my coloumn in Daily Aaj Peshawar today if this is interest, a satire on police training and the disgrace of some ex-police chiefs in America. 
click here to view online
http://www.dailyaaj.com.pk/epaper4.php?city=peshawar&page=20&date=2011-11-29
Thanks and regards.

--

Fasihuddin | Police Service of Pakistan (PSP) | Director General, Human Rights, Central Police Office, KPK Province, Peshawar.President | Pakistan Society of Criminology & Editor-in-Chief,

Pakistan Journal of Crimnology (PJC).

Office Address: H#3, New Warsak Colony, Warsak Road, PESHAWAR, KPK (NWFP), Pakistan. | Tel: +92 91 5200 806 Fax: +92 91 5200 806 

Cell: +92-313-5954 055

E-mail: fasih68@hotmail.com |  URL: www.pakistansocietyofcriminology.com

 





--
--
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



__._,_.___
Recent Activity:
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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.
MARKETPLACE

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