ISLAMABAD, Jun 26 (APP):Muttahida Qaumi Movement-Pakistan (MQM-P) Senior Deputy Convener Dr Farooq Sattar on Wednesday said that the government should slash the increased consumer tax and defer its internal debt repayments to revive the economy.
“The MQM-P is the only political party that gives shadow budget every year which includes alternate proposals to the government’s proposed budget for welfare of the poor and deprived factions of the society,” he said while talking to the media outside the Parliament House.
He was by MQM-P’s Members of the National Assembly Syed Mustafa Kamal, Khawaja Izhar-ul-Hassan, Aasia Ishaque Siddiqui, Arshad Abdullah Vohra, Syed Waseem Hussain, Mikhat Shakeel, Sabheen Ghoury and others.
Dr Farooq Sattar said the government should to reduce tax ratio that would help increase growth rate.
He mentioned that growth rate was 7-8% amid low tax regimes in the past whereas more taxes to meet temporary revenue targets were diminishing the growth rate.
He claimed that there was capital flight from the country as the local investors were setting up industries abroad. There was also brain drain in the country, he added.
Dr Sattar said that the consumer tax ratio should not be beyond 2.5 percent.
“There is more than 20 hours loadshedding in Karachi whereas it should not be more than 7.5 hours under the consumer management system amid high losses as per the power distribution laws,” he said.
He urged the Federal Government to give a special package to the middle class that would drive development and growth in the country. “A package should also be given to Karachi as it gives half of the Rs 8,000 billion’s total revenue being collected.”
He said the government should give special grants to small and medium enterprises (SMEs), and domestic consumers for solar panel installation especially in Karachi and Hyderabad.
“Sales tax needs to be reduced on fuel and electricity, whereas tax on packaged milk should be limited to 5% instead of the proposed 18% as 40% of the nation’s child population is stunted,” he added.
The taxes on export sector and construction industry needed to be reviewd as the latter had 60 businesses associated to it, he said, adding, “The Construction sector gave Rs 50 billion tax last year and Rs 25 billion this year due to the 7E tax, which should be abolished along with tax on POS (point of sale) retailers,” he added.
“Mark up rate of 22% needs to be reduced by the State Bank of Pakistan, whereas agriculture income tax needs to be introduced on bigger land owners to increase tax base instead of tax volume,” Dr Sattar said.
مضمون کا ماخذ : ولف گولڈ
