Zubair says Karachi's contribution to tax revenue not 62%
Argues that many companies only filed tax returns from port city, generate economic activity around the country
Mohammad Zubair. PHOTO: REUTERS
KARACHI:
Sindh Governor Muhammad Zubair questioned the popular claim that Karachi, the financial hub of the $270-billion economy, contributed 62% to the country's total revenue, arguing that companies filed their tax returns from the provincial capital.
While admitting that Karachi contributed a huge chunk, Zubair, a close confidant of the PML-N leadership, said the percentage isn't 62%.
"No doubt, Karachi contributes a big share, but not 62% of total revenue," he remarked, arguing that many Karachi-based companies, although operating in the entire country and abroad, were filing returns from the provincial capital.
Thus, he explained, the figure labeled as the contribution from the port city actually had a revenue share from other areas of the country.
Credit for Karachi operation goes to Nawaz: Zubair
Responding to the complaint from Karachi Chamber of Commerce and Industry that Sindh, especially Karachi, was not getting its due share in the country's resources, Zubair said that the share of each province was clearly defined in the National Finance Commission (NFC) Award.
"The provinces should spend in social and economic sectors forbetter life of their people," he urged.
On a separate note, Zubair, who previously served as the Privatisation Commission chairman, emphasised that Karachi should showcase itself as the next destination for local and foreign investment.
"This city must keep its momentum, as a vibrant Karachi has proved very supportive for the rest of the country. In early decades of independence, Karachi's momentum led Pakistan's economy. It must re-gain its historic role in nation-building and socio-economic revolution."
Sindh Governor Muhammad Zubair questioned the popular claim that Karachi, the financial hub of the $270-billion economy, contributed 62% to the country's total revenue, arguing that companies filed their tax returns from the provincial capital.
While admitting that Karachi contributed a huge chunk, Zubair, a close confidant of the PML-N leadership, said the percentage isn't 62%.
"No doubt, Karachi contributes a big share, but not 62% of total revenue," he remarked, arguing that many Karachi-based companies, although operating in the entire country and abroad, were filing returns from the provincial capital.
Thus, he explained, the figure labeled as the contribution from the port city actually had a revenue share from other areas of the country.
Credit for Karachi operation goes to Nawaz: Zubair
Responding to the complaint from Karachi Chamber of Commerce and Industry that Sindh, especially Karachi, was not getting its due share in the country's resources, Zubair said that the share of each province was clearly defined in the National Finance Commission (NFC) Award.
"The provinces should spend in social and economic sectors forbetter life of their people," he urged.
On a separate note, Zubair, who previously served as the Privatisation Commission chairman, emphasised that Karachi should showcase itself as the next destination for local and foreign investment.
"This city must keep its momentum, as a vibrant Karachi has proved very supportive for the rest of the country. In early decades of independence, Karachi's momentum led Pakistan's economy. It must re-gain its historic role in nation-building and socio-economic revolution."