FPCCI urges govt to avoid IMF loan

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KARACHI : The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the government to avoid IMF’s assistance programme.


Talking to newsmen at Federation House on Thursday, FPCCI President Gulzar Firoz stressed the need for broadening the tax net, rather than going to IMF which would dictate harsh terms before providing any assistance.


He said that the Finance Minister, Ishaq Dar, has already stated that the IMF was dictating harsh conditions for providing assistance.


Therefore, he said, if accepted it would slowdown economic activity and it may result in large-scale industrial closures and unemployment in the country.


The government, he said, should go after tax evaders and check rampant corruption in government departments.


It is reassuring that the government would use NADRA data base to identify tax-evaders.


He projected that around Rs1,000 billion can thus be raised.


Gulzar Firoz said that the FBR should make it mandatory upon banks to seek National Tax Number (NTN) from account holders whose turnover is above Rs10 million per annum.


He, however, cautioned that if such powers are allowed across the board, it may result in corruption and harassment of innocent account holders and this would be damaging for banking companies.


He said that FPCCI has officially conveyed its reservations over sales tax to the FBR.


He hoped that the government would curb SRO culture, a major source of corruption in the country.


It was also stated sales tax registration form be simplified because the existing document is complicated.


The FPCCI demanded of the government to improve law and order situation in Karachi and stated that without industrialization, job opportunities could not be created.

Courtesy:   dawn

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