Pakistan Economy Watch (PEW)

Govt asked to cut taxes on POL products: PEW

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Masses should get benefit of reduced oil prices
The Pakistan Economy Watch (PEW) on Sunday asked the government to cut direct and indirect taxes on oil and gas and give benefit of reduced oil prices to masses.
Last year federal government collected 912 billion rupees as taxes while the collection of provincial governments is not included in it.
Government collections will surpass mark of trillion rupees as taxes on some petroleum products have been increased, said Dr. Murtaza Mughal, President PEW.
In a statement issued here today, he said that overreliance on indirect taxes amounts to admission of the failure of FBR by authorities.

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Irani gas can support Pakistani economy for centuries: Dr Murtaza Mughal

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Pakistan-Iran FTA to be finalised in three months: Ambassador
Banking channel, greater aviation cooperation with Pakistan soon: Honardost
Iranian Ambassador to Pakistan Mehdi Honardoost has said that banking channels between Tehran and Islamabad will start working soon as the top officials of the central banks of the two countries are scheduled to meet within days.
Improved banking ties will boost bilateral trade between the two countries as the current volume of commerce does not reflect cordial ties while Banking relations are central to boost trade and investment ties, he said.
Talking to Dr. Murtaza Mughal, President of the Pakistan Economy Watch, Mehdi Honardoost informed that a high-powered Pakistani delegation is to visit Iran during the next week to finalise Free Trade Agreement (FTA).
He informed that Iran has already forwarded final draft of FTA to Pakistani authorities with hope that FTA will be finalised within three months.

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Immediate FTA with Iran demanded: PEW

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Trade barriers benefitting smugglers
The Pakistan Economy Watch (PEW) on Sunday demanded of the government to sign Free Trade Agreement (FTA) with Iran to boost trade and confidence.
Both the countries have enforced a number of tariff and non-tariff barriers which has resulted in reduction in legal trade while triggering smuggling, it said.
Dr. Murtaza Mughal, President PEW called for initiating serious efforts to boost trade with Iran which is highly unsatisfactory.
He said that Pakistan and Iran can become good trading partner for which serious efforts have been initiated while an FTA would be an achievement.

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PEW for preferring reforms over loans

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ISLAMABAD – The­ on Thursday asked the economic managers to focus on reforms as emphasis on acquiring loans was against the national interests.
“Excessive focus on loans has pushed the foreign loans to $73 billion,” it said.
“Getting more loans and avoiding meaningful reforms amounts to enslaving the whole nation and the coming generations,” said PEW President Dr Murtaza Mughal.
He said that despite announcement by the economic managers that foreign loans were no more required, a new loan of $800 million had been secured from the Asian Development Bank (ADB) for power sector reforms.
“Our policymakers have agreed to all the conditions put forward by the ADB which is disturbing,” he noted. read more…

Stuck up refunds sinking economy: PEW

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Falling exports to widen trade gap
The Pakistan Economy Watch (PEW) on Sunday said non-payment of refunds has resulted in falling exports which will widen the trade gap.
Stuck up refunds worth billions of rupees have inflicted harm upon exporter sector which calls for urgent action, it said.
Government has paid some sales tax refunds but majority of other refunds have not been paid which has left exporters in a lurch, said Dr. Murtaza Mughal, President PEW.
He said that in current scenario Pakistani products are retreating in the international market which is against the national interests. read more…