KARACHI: The PML-N government is vigorously pursuing its manifesto to steering the country out of the prevailing crises through the promotion of good governance, transparency and elimination of corruption. The government is committed to sparing no effort to put the country on the path to progress and prosperity.
Federal Minister for Finance Ishaq Dar stated this while addressing the business community at a programme titled “My Karachi, Oasis of Harmony,” organised by the Karachi Chamber of Commerce and Industry (KCCI) at a local hotel.
Speaking on tax collection, the Finance Minister advised that the provincial government should explore more ways for tax collection after the introduction of 18th amendments. Ishaq Dar confirmed that the FBR would publish a directory containing tax details of all taxpayers till February 15, 2014, adding that the Finance Ministry had invited the business community to hold talks with the FBR officials if they had any reservation about the issuance of tax directory.
According to Dar, the directory will feature the name, NTN and tax paid by every taxpayer. “The world community mocks Pakistan for non-transparent collection of taxes from businessmen and parliamentarians, so let’s do something transparent once and for all,” Dar said, adding that it was the government’s responsibility to identify tax defaulters.
Ishaq Dar informed that the tax collection, filing of tax returns and export volume had increased as compared to the previous fiscal year. “We will take forex reserves up to $20 billion within the next three years and it will reach $16 billion by the end of this fiscal year”, he divulged.
Ishaq Dar lauded the role of the chamber, saying that the KCCI always played a leading role for development of the country. He emphasised that proactive interaction between the business community and the government would surely augment the efforts to lasso the economic crisis.
KCCI President Aamir Abdullah Zaki, BMG Chairman Siraj Kassim Teli, Zubair Motiwala, the Executive Committee members, PIFFA Chairman Abdul Majeed Paracha, SBP Governor Yaseen Anwar, FBR Chairman Tariq Bajwa, Member Customs Nisar Muhammad, Chief Collector Appraisement (South) Nasir Masroor Ahmed, Collectors Abdul Rasheed Shaikh, Dr. Agha Jawwad and others were also present on the occasion.
Highlighting the government performance during the last seven months, the Finance Minister claimed that the present government had issued 26 SROs with the sole aim to resolve real issues of the business community.
Dar pointed out that the government had cut a sizeable of Rs135 billion from its expenditure and paid back circular debt after the announcement of its first budget for the FY2013-14. He maintained that the government had also recovered Rs20 billion in share of dividends and Rs138 billion from commercial enterprises.
“Small and Medium Enterprises (SMEs) have shown growth from 0.4 percent to 4.8 percent despite the fact that the incumbent government had inherited multifarious challenges”, Dar added.
Talking about power crisis, the Finance Minister stressed the need for collective efforts to cope with it, adding that the government had been paying Rs250 billion as subsidy on electricity for domestic consumers annually.
He sought collective and tangible efforts and judicious utilisation of available resources to eradicate poverty, saying that unemployment, terrorism and suicide bombing had surged alarmingly mainly due to poverty.
The Federal Minister for Finance informed that the government would bring down fiscal deficit to 4 percent within the next three years, adding that the government anticipated a development share of $1.70 billion from the international community while the World Bank had also assured the government of the funds release.
Ishaq Dar maintained that Japan International Cooperation Agency (JICA) had also agreed to initiate Karachi Circular Railways (KCR) project by the end of February. On the occasion, Ishaq Dar also assured the business community that the government would support and facilitate them in GSP plus trade.
He reiterated the resolve to tackle the power crisis on war-footings, saying that the government would add 8,000 MW of electricity into the national grid in the next three to four years, adding that the government had restarted Nandipur and Neelam-Jhelum hydel power projects. He also announced that Prime Minister Nawaz Sharif would conduct the ground-breaking of Thar Coal power project soon.
On the occasion, the Finance Minister on behalf of the Interior Minister assured the business community that the ongoing operation against criminals in Karachi would not be stopped at any cost and would continue till the achievement of set goals. He vowed that the glory of the ‘City of Lights’ would be restored.
Speaking on the occasion, Businessmen Group (BMG) Chairman Kassim Teli assured that the business community stood by the government’s endeavours to improve the law and order situation in Karachi. He emphasised that Karachi operation should continue till the elimination of every single criminal. “If the government stops the operation, the city will again plunge into a disastrous situation”, Teli feared.
He said that the tax collection target of FBR was Rs3.50 billion during the PML-N government in 1999 which stood at over Rs1,900 billion last year. Teli stressed reformation of FBR on war footing basis to improve its capacity to deliver.
Abdullah Zaki, KCCI president, and Siraj Kassem Teli, former KCCI president, as well as business leaders demanded that instead of publishing details of existing taxpayers, the government should make public the names of tax evaders. Business leaders claimed that the release of taxpayer details will create problems for them, especially in view of the law and order situation in Karachi.
KCCI President Abdullah Zaki said that the chamber was playing due role in the promotion of business activities both in the country and abroad. He said a level playing field should be given to manufacturers and exports, adding that the issue of FED on edible oil was not yet resolved.
He also lauded the government initiative for the construction of Gwadar-Kashghar business corridor, Gaddani Port and other projects for development of business activities in the country. On the occasion, the KCCI President thanked the Federal Finance Minister for attending the programme and listening to the issues of business community.
Earlier, a detailed presentation on grant of GSP plus status to Pakistan was given by Zubair Motiwala to the Federal Finance Minister and other dignitaries. Later, the President presented a souvenir to Federal Minister for Finance Muhammad Ishaq Dar.