FAISALABAD (APP): An incentive package is imperative to make Pakistan’s economy self-sustaining and shock-absorbing, said Engineer Ahmed Hasan, former vice president Faisalabad Chamber of Commerce & Industry (FCCI) and Chairman FCCI Standing Committee on Research and Development.
Chairing a meeting of the FCCI standing committee on Saturday, he appreciated the tax-free federal budget 2020-21, but lamented that the quantum jump in oil prices had nullified its possible benefits in addition to casting a retrogressive impact on overall GDP growth and accelerating the inflation and enhancing unemployment in the country.
He stressed the need to revamp the taxation system on modern lines, documentation of economy and employment generation through initiating large-scale industrial projects under the public private sector. He said that the government should reduce number of taxes while the rate of taxes should also be reduced to facilitate economic growth.
He said that over 80 per cent of businesses in Pakistan are SMEs and a huge informal economy is the foundation of entrepreneurship in the country. “These statistics mean that SMEs will be hardest hit and disappear. Hence SMEs should be incentivised as much as possible even in the prevailing situation,” he said.