26. 05. 14
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The Pakistan Economy Watch (PEW) on Sunday said taxation measures expected to be introduced in the upcoming budget will add to prevalent poverty in the country.
There would be no significant growth in the GDP due to depressed economic situation as authorities continue to focus on short term measures ignoring long-term strategies, it said.
The budget of the fiscal year 2014-15 will be focused on mobilising revenue from the existing taxpayers with little effort to broaden the shrinking tax base, said Dr. Murtaza Mughal, President PEW.
Salaried class and corporate entities would be forced to pay additional Rs 250 billion to reduce the deficit as government would continue to prefer indirect taxation which is around 61 per cent of the whole collection, he said.
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20. 05. 14
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Member National Assembly Qaiser Ahmed Sheikh has said government will fulfil its agenda of economic reforms by the next fiscal to unleash an era of stability and prosperity.
He said that growth rate would be over five percent while the budget deficit would be below five percent which would be materialised through broadening of tax net and reducing unnecessary expenditures.
Talking to Dr. Murtaza Mughal, President of the Pakistan Economy Watch, he said that government is serious about reforms so that it can augment income to be used for development.
Sheikh, who is also former president of KCCI, said that tax collection target has been set at 2.8 trillion which would be realised to reduce dependence on loans and grants.
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19. 05. 14
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Kashmiri hydro potential can bridge power deficit
The Pakistan Economy Watch (PEW) on Sunday said lack of funding has reduced speed of development in Azad Jammu Kashmir.
Almost all the sectors including health, education, infrastructure, tourism and industries continue to struggle which has added to unemployment and other issues, said Dr. Murtaza Mughal, President PEW.
Talking to Arif Mughal, Advisor on Information to the Prime Minister of AJK, he said that the privilege of getting quality education outside AJK is limited while those from the lower-middle class and poor families have little options.
Dr. Murtaza Mughal said that there is over 8,000MW of hydro potential in AJK which is more than the entire national power deficit.
He asked the authorities to use this clean source of electricity which will save billions of dollars in our staggering oil import bill.
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16. 05. 14
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Govt cautioned over trade with India
Pakistan’s key economic sectors unprepared for competition with India
The Pakistan Economy Watch (PEW) while lauding the government’s decision to delay granting MFN status to India asked the policymakers to ensure level playing field to local industrial and agricultural sectors.
Textile industry is the main foreign exchange earner for Pakistan but the sector has
been unable to make inroads into the Indian market due to barriers, said Dr. Murtaza Mughal, President PEW.
Speaking to a pre-budget seminar at Institute of Policy Studies (IPS), he said that massive subsidies, interventions, and support available to the Indian cotton and textile sector against Pakistan will put us on great disadvantage if bilateral trade is liberalised.
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05. 05. 14
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The Pakistan Economy Watch (PEW) on Sunday asked the Khyber Pakhtunkhwa government to revisit recently imposed Cargo tax as it is hampering economic activities in the underdeveloped and militancy-hit province.
Revival and promotion of the Industrial sector and promotion of economic activities in the Khyber Pakhtunkhwa are linked to the provision of an enabling environment, said Dr. Murtaza Mughal, President PEW.
Talking to a group of industrialists and exporters from Khyber Pakhtunkhwa, he said that industrial sector holds the key to augment income of the provincial government, reduce unemployment and combat radicalism therefore it must be supported.
He demanded of the provincial government to revisit recently-imposed one per cent Cargo Tax and proposed to levy it only on the ISAF Cargo. read more…
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