Karachi: Mr. Saquib Fayyaz Magoon, Acting President FPCCI, has appreciated that Dr. Khalid Maqbool Siddiqui, Convener of MQM Pakistan & Dr. Farooq Sattar, Senior Deputy Convener of MQM Pakistan, have visited the head office of the apex body to present their economic manifesto; business and infrastructure development plan to the business, industry and trade community.
Acting FPCCI President categorically maintained that FPCCI is happy with the policy, macroeconomic, structural and export promotion initiatives being undertaken by Special Investment Facilitation Council (SIFC); and, wants to know how MQM Pakistan will incorporate those initiatives into their economic manifesto.
Mr. Saquib Fayyaz Magoon added that the political parties should consult FPCCI before formulating their economic policies for their manifestos as the business community can provide them with the right grass-root level information and advice.
Mr. SaquibFayyazMagoon stated that Karachi is the fifth most unlivable city in the world; despite the fact that it contributes upwards of 50 percent total taxes of the country. To make matters worse, out of total daily solid waste production of 12,000 tonnes, only 45 percent is disposed of properly; and, the remaining either piles up in the street or roads or, at worst, dumped in the sea.
Mr. Saquib Fayyaz Magoon, Acting President FPCCI, demanded the trade & industry needs to understand how the political parties are planning to reduce the cost of doing business; how the obstacles in ease of doing business will be eliminated; how skills development gaps will be bridged; how much will be budgeted for health & education; how SOEs losses will be minimized; how the tax gap of 4,000 billion will be bridged & tax base broadened and how the platform of SIFC will be fully utilized by the upcoming government.
Mr. Saquib Fayyaz Magoon highlighted that the circular debt of the energy sector now stands at an unprecedented and alarming PKR. 5.731 trillion; and, the economic growth has been reduced to a meagerly 0.3 percent
Dr. Khalid Maqbool Siddiqui apprised that MQM Pakistan is deeply concerned over indirect taxation; discriminatory levying of taxation to the urban centers; incompletion of K-IV water project; PKR. 1,200 billion per year losses of state-owned enterprises (SOEs); lack of progress on Pakistan Steel Mills (PSM) privatization and shortages of basic utilities in industrial areas; i.e. electricity, gas and water. He also claimed that the last 15 years have seen PKR. 22,000 billion of Sindh’s budgets go to waste cumulatively – as no urban or rural areas have been developed.
Dr. Farooq Sattar explained that MQM Pakistan’s economic manifesto is focused on raising the human capital index ranking of the people; provision of health & education; curtailing obstacles to setting up new industry; forging industry-academia linkages; IT & technical training for the youth. He also claimed that PKR. 10,000 billion worth of Karachi’s land has been awarded on political grounds in the last 15 years.
Dr. Farooq Sattar also criticized the introduction of Section 7-E in the Income Tax Ordinance (IT-2001) as, in his opinion, it has resulted in the taxes from construction sector from PKR. 50 billion to down to 25 billion; while 7-E barely generated 5 billion.
