Amnesty schemes a must to bridge payment gap: FCCI

Chamber chief calls for documentation of economy

FAISALABAD: The international and regional economic turnaround has necessitated the need for documentation and the government must take necessary steps besides announcement of an amnesty scheme to encourage the trade and business to keep a proper record of their transactions, said president of the Faisalabad Chamber of Commerce and Industry (FCCI).

Commenting on the prime minister’s address during the Export Trophy Awards on Thursday, Rana Sikandar-e-Azam Khan insisted in a statement that repeated amnesty schemes were necessary to bridge the widening gap in the country’s balance of payments.



He backed the government’s target to enhance exports from $25 to $30 billion up to the next financial year and to achieve that goal, it should come up with necessary incentives to encourage traders and businessmen to enter into the mainstream of economy.

Acknowledging that the government was already making efforts for the documentation of economy, he pointed out that the difference between documented and undocumented economy stood at 75%.

“This is very alarming and in the prevailing economic scenario, we cannot achieve the objective of progress and prosperity,” he cautioned.

Citing examples, Khan said due to international recession, more than 38 countries including Italy and Turkey had to announce different types of amnesty schemes for the revival of their economies.



“Pakistan is ranked fourth (among undocumented economies) in the world and it is only due to this reason the government has repeatedly announced amnesty schemes to attract maximum financing,” he said. Khan boasted that the industrial sector was paying maximum taxes but other sectors like agriculture were enjoying tax exemption.

Published in The Express Tribune, December 17^th, 2016.

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