Pakistan cannot survive as a trading state: PEW

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Economic model of Dubai will not work in Pakistan
The Pakistan Economy Watch (PEW) on Sunday said country is being transformed into a trading state which is against the national interests as it cannot survive by following the economic model of Dubai.
Pakistan must follow economic models of China, Korea or Taiwan to become a stable state, it said.
Industrial sector should not be discouraged but promoted as many industrialists have started preferring trading which is not heavily dependent on political situation, energy scasrcity and uncertain taxation, said Dr. Murtaza Mughal, President PEW.

He said that government’s policy to prefer tading over industrialisation can make country a trading state as decorporatization has gained momentum.
Dr. Murtaza Mughal said that Pakistan is the only country in the world where corporate sector pays more taxes than non-corporates which has raised concerns about its future.
Investment in bonds has become more profitable than taking risk of establishing an industry in highly volatile environment which is azazing.
He said that industrial sector has been burdened with additional taxes which are far more than its share in the GDP which is discouraging investment in this sector.
Dr. Murtaza Mughal said that sales tax has been slapped on import of raw material for industry which is returned at the later stage but not without delays and greasing the palm of tax officials.
What is the logic behind getting raw material taxed if government is to return it later, he questioned.

In: UncategorizedAuthor: host