Reforms underway to improve tax system: PM

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Presidents of chambers hail govt economic achievements

Mohammad Arshad
Islamabad

Presidents of the country’s major chambers of commerce, Friday, lauded Prime Minister and his economic team for the successful economic policies in the country, despite the Covid-19 outbreak.

They noted with satisfaction that government’s economic team led to a GDP growth of about 4%, a 15% increase in large scale manufacturing, commended SBP for providing facilities to the export industry.

In a meeting with Prime Minister Imran Khan here, presidents of chambers of commerce highlighted incentives for medium and small scale industries (including machinery loans) and for taking along to Uzbekistan business community to benefit from Uzbekistan’s trade potential.

They also congratulated the Prime Minister on the increase in tax revenue, exports and remittances.

The meeting is part of a series initiated by the Ministry of Commerce to exchange ideas and raise awareness on government policies between government and business community.

The meeting was attended by the President of Federation of Pakistan Chambers of Commerce and Industry as well as Presidents and Vice Presidents of Chambers of Commerce of Karachi, Lahore, Peshawar/KP, Quetta, Gujranwala, Sialkot, Faisalabad, Gujarat, Multan, Sargodha, Gwadar, Islamabad and Rawalpindi.

Federal Ministers Hammad Azhar, Makhdoom Khusro Bakhtiar, Advisor on Commerce and Investment Abdul Razzaq Dawood, Special Assistant Dr. Shahbaz Gill, Governor State Bank of Pakistan Dr. Raza Baqir and officials concerned also attended the meeting. Finance Minister Shaukat Fayyaz Tareen’s participated via video link.

In addition, the participants appreciated the initiative of the incumbent government to listen to the suggestions of the business community, directly, for the first time in the history to solve their problems.

Moreover, the gap between government and the business community, as there has been no such initiative in the past, was also mentioned, which created obstacles in the way of business in the country.

Further, the participants in the meeting also said that the business community is ready to pay taxes and will collaborate with the government to reform the tax system.

Stressing on the importance of industrial development to strengthen the country’s economy, the Prime Minister said that government is facilitating industries to increase exports, which would not only reduce the trade deficit, but also increase foreign exchange reserves in the country and generate employment opportunities.

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