Archive for May, 2016

Govt shouldn’t compromise CPEC development

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Reduced allocation for CPEC criticised
The Pakistan Economy Watch (PEW) on Sunday said government should provide all the required resources for timely completion of China-Pakistan Economic Corridor.
Delaying the project to resource constraints is not acceptable and the masses will never allow it, it said.
One-third of the developmental budget has already been slashed to keep deficit under control but the government still lacks money needed for critical mega projects with loan appearing as only option, said Dr. Murtaza Mughal, President PEW.
In the last three years government has avoided meaningful reforms in the FBR and preferred to burden existing taxpayers which has left it with empty pocket, he added.

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IMF prepared the budget, Govt has to announce it: PEW

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Budget proposals by businessmen wastage of time
PEW demands tax audit of all MNAs
The Pakistan Economy Watch (PEW) on Sunday said IMF has already prepared budget while government has to announce and impose it on the due date.
Trade associations are wasting time by submitting budget proposals while top officials are giving them assurances as usual, it said.
A pro-growth budget as claimed by the government functionaries in the presence of IMF programme is a pipe dream, said Dr. Murtaza Mughal, President PEW.
He said that how can government announce a pro-business and masses friendly budget when only one person out of 375 pay tax and a few thousand file return out of millions of professionals including doctors and lawyers.

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FBR blamed for dismayed growth, reduced exports: PEW

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The Pakistan Economy Watch (PEW) on Sunday blamed FBR for choked growth and reduced exports which is taking toll on economy.
FBR continue to block export refunds to show improved collection in a bid to please IMF which is against national interests, it said.
The policy of FBR has left export sector reeling with lost competitiveness therefore government should consider abolishing refund system, said Dr. Murtaza Mughal, President PEW.
He said that exporters should be provided facility of zero rated regime as the withheld refunds continue to damage competitiveness of export sector.
Murtaza Mughal said that the continued fall in exports is threatening largest export earning sector of textiles which is also the largest employment provider afteragriculture.

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Symbolic projects getting more attention than energy ventures: PEW

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Money collected for gas import used on symbolic projects
Upward revision of tariff for gas-based power plants criticised
Masses burdened by Rs1 trillion to finance LNG pipeline

The Pakistan Economy Watch (PEW) on Sunday criticised government for preferring symbolic schemes over projects to contain energy scarcity terming it against the national interests.
Gas Infrastructure Development Cess (GIDC) was imposed to finance gas import projects despite resistance by consumers but it was misused to finance Metro and Orange Line Projects, it said.
Decision to collect GIDC from gas consumers benefitted bureaucracy while it took toll on fertiliser, textile and many other sectors resulting in high cost of business, high inflation, and reduced exports and agricultural output, said Dr. Murtaza Mughal, President PEW.
He said that Rs183billion collected for gas pipelines were utilised for monumental projects leaving government with no option to burden masses with Rs110 billion to finance LNG pipeline.

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