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RCCI shows grave concerns on Economic Survey results

RCCI shows grave concerns on Economic Survey results

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has shown grave concerns on Economic Survey results and fear for further harassment from FBR in upcoming fiscal budget 2019-20. Addressing a media conference at chamber house here on Monday, the RCCI President Malik Shahid Saleem said it was a surprise and very distressful that Government missed all key economic targets.

The GDP growth target was 6.3pc set by the previous government and survey shows that Pakistan’s economic growth in the financial year ending in June is expected to hit 3.3 per cent, well below the target of its target. The big blow was witnessed in the industrial sector that registered a growth of 1.4pc against the target of 7.6pc, the large scale manufacturing (LSM) showed a negative growth of 2pc against the target 8.1pc. and the service sector grew by 4.7pc against the target of 6.5pc, while the construction sector achieved the growth of 7.6pc against a 10pc target.

Malik Shahid Saleem said that government has set  5500 billion revenue target which is very unrealistic keeping the fact that it already facing short fall of 400 billion. This is very concerning and we expect more harassment towards tax payers as government had planned to squeeze existing tax payers  by imposing 200 billion of new taxes.

RCCI president said that it was the first time that government authorities have not involve key stakeholders in consultation process. The federation and all chambers of commerce will record the protest accordingly, he added.

We feel that government is not focusing on ease of doing business rather it is going to introduce tease of doing business which not a healthy sign for the business activities and national economy, he added. The Government rather imposing new taxes, it should focus on recovery of 2000 billion in line losses and power theft.

It was learnt that government is going to place 17 percent sales tax on export industry of textile, leather, carpet, surgical and sports. We will impose this decision as it will hurt in meeting exports targets, he said.

Group leader Sohail Altaf, SM Naseem, Senior Vice President Badar haroon, Vice President Fayyaz Qureshi, former presidents, representatives from trade associations and members were also present on the occasion.