‘Give priority to increasing revenue, employment’

Economists press for an end to circular debt.

LAHORE:

Economists and businessmen have suggested that higher revenue, lower tax rates and fresh job opportunities should be given top priority in the budget making process, while economic planning should be done in consultation with all stakeholders, particularly those from the business community.

Talking in the pre-budget seminar organised by the Express Pre-Budget Forum, speakers said that competent persons should be appointed on important positions that deal directly with an end to the circular debt, trade deficit and corruption.

They also emphasised that plea bargains and amnesty schemes should be abolished, and dismissed the role of mini budgets as a solution.

At the seminar, Khalid Qayyum was the host while the panel included Aamir Naveed Chaudhry and Shahzad Amjad.

Economist Dr Qais Aslam said that the government should focus on increasing revenue and reducing budgetary expenses. It should also refrain from imposing any new tax. According to him, economic policies should be left to economists rather than politicians and bureaucrats.

The president of the Tax Bar Association Zulfiqar Khan said that the Federal Bureau of Revenue is not a stakeholder in the budget as budget- drafting falls under the domain of the National Assembly’s standing committee for finance, which is run by the people’s representatives.

Similarly, the former chairman of the Pakistan Pharmaceutical Manufacturers and Exporters Association Khawja Shahzeb Akram said that there should be a uniform price policy for the manufacturing sector across the country.

Meanwhile, the president of Pakistan-Afghanistan Joint Chamber of Commerce and Industry Tahir Malik said that the government should declare exports as a tax free industry. He suggested that an end to smuggling of containers can be checked by installing trackers.

Drawing in the issue of power outages, the chairman of the standing committee of the Federation of Pakistan Chambers of Commerce and Industry Khawja Khawar Rasheed said that industry and trade could hardly bear further taxes as they are only able to function for about 100 days a year due to the power cutoffs and gas load-shedding.

Published in The Express Tribune, May 26^th, 2013.