Young and Energetic Businessman Faraz-ur-Rehman served as a Senior Vice President, Korangi Association of trade and industry 2018-2019 , and as a Vice President KATI at 2013-2014, he is currently Vice President KBG (he is also Member Pak Vietnam Business Council, Federation Pakistan FPCCI, and Advisor, of Hani Welfare Trust, other then his social responsibility he is working as a CEO, Prompt Group Of Services, Director, M.Y Corporation Pvt Ltd. Which is one of the founder company of (ABAD) Association Builders and Developers.
Where does the country’s economy stand at the moment and will the current government’s efforts improve the country’s economy in the future?
Faraz-ur-Rehman, Former SVP,(KATI): The policy that the government has formulated for the betterment of the country’s economy, to bring taxpayers into the tax net and to document the economy, there is no doubt that this is a good step. We have consistently supported such steps. But the middle class who can’t document their records should be offered a Dubai-style license on an annual basis. We have examples from around the world where this is happening if you look at Pakistan’s geography. It will be much better if important and modern initiatives of the world are adopted. As in all fields nowadays the government can collect tax from small sectors through annual license fee. Small shopkeepers are working at low price or low profit. A separate policy will have to be formulated to collect tax from them. Government utility bills the government has also set a minimum salary limit of Rs 17,000, but it is difficult for a common man to make ends meet. Today, the situation is that if three people work in a household, they will have to make ends meet; it becomes very difficult to live. Where is it that the poor people saved money in good times and today they are more popular among the people to buy cheap plots?There is fear that the poor are more affected by the policies of the government at present but Prime Minister Imran Khan’s cabinet, the Federal Board of Revenue or the implementing agency do not understand Imran Khan’s ideology. Today, the middle class is looking more worried. Prime Minister Imran Khan should first get the full confidence of the people of Pakistan and then give a guideline policy because the nation of Imran Khan The nation is ready to follow him. The nation has made him the prime minister, so he has a big responsibility on his shoulders.
Are you satisfied with the government’s policies?
Faraz-ur-Rehman, Former SVP, (KATI): I disagree with the policies of the government, I do not agree with it. The government has sat down the automobile sector. On the one hand, the government has made a policy to promote business, but the sectors that play an important role in the country’s economy The automobile sector has strengthened the country’s economy. Its supporting industries are numerous. Under previous governments, the sector has grown so fast that thousands of people have found employment here, but now it has fallen into disrepair due to the sector 30% of the people have become unemployed. First, millions of rupees were given to the government through the automobile sector Taxes were being collected, both from the manufacturing industry and procurement, but today vehicles are not being sold, which has reduced the government’s tax collection. On the other hand, financing from banks has also stopped, as has the growth of the service sector
Doesn’t the current government get credit for reducing the trade deficit?
Faraz-ur-Rehman, Former SVP, (KATI): Yes, the trade deficit should be reduced, but it is also a fact that the trade deficit has been reduced to such an extent that the government has tightened its grip on the import of luxury items. Then we have to do it. Trade deficit the reason for the decrease is the increase in many genetics on the luxury item. When importers will not have any savings in it, then why would they import it? As the trade deficit was controlled, due to the negative policy of the government, raw materials have stopped coming to the country today. The import of machinery has stopped. This can be confirmed by the customs data.
Where is the scope for reform and how can it be improved?
Faraz-ur-Rehman, Former SVP, (KATI): The government should first eradicate VIP culture and adopt simplicity. VIP culture has become so entrenched that if a businessman does not get protocol today, he will not come out of the airport. This trend has come down from above. If the VIP culture is eradicated from the top then it will disappear automatically at the grassroots level. I think the government should reconsider to revive the automobile sector. Wherever the money is coming from, it is paying taxes. The government should think of ways to bring back the money that has been withdrawn from the market. It does not matter if people are allowed to have more vehicles. If Prime Minister Imran Khan follows his first speech, the country will develop on its own. Secondly, there are people in Pakistan even today who think only of Pakistan, they can live a very good life abroad if they want, yet they are here, SM Munir, ZubairChhaya to improve the country’s economy, Aqeel Karim Dhedi, Malik Riaz, MianMansha should be hired.
When will the infrastructure of industries improve?
Faraz-ur-Rehman, Former SVP, (KATI): Not a single institution in this city of Karachi is ready to take ownership due to which the infrastructure of industries deteriorated. Chief MinisterSindh Syed Murad Ali Shah also expressed his helplessness at the cutting ceremony. Mayor Karachi Wasim Akhtar also cries the same, everyone here is crying out for help. When something happens in someone’s, otherwise the infrastructure of industries will also deteriorate.
There is a general impression that the difficulties have increased after the Former chairman of the FBR, Shabar Zaidi?
Faraz-ur-Rehman, Former SVP, (KATI): Former FBR Chairman Shabar Zaidi is a very good man. He is not doing any hardships but unfortunately his organization is not supporting Shabar Zaidi. He has taken the matter towards continuous relaxation. He knows that taxes He is well-placed in the FBR but the bureaucracy is not supporting him, although his actions are creating a negative image of him in the business community, but he is well-intentioned. That the government of Pakistan and its institutions will perform well. All I can say about the FBR is that the FBR is working with traders. If one does not work, then B will cooperate in R n will be fear over the increasing number of taxpayers or merchant will go back out.
