F.P. Report
LAHORE: Chief Executive Pakistan Furniture Council (PFC) Mian Kashif Ashfaq has said that the upcoming Tax Amnesty Scheme going to be announced by the Prime Minister Imran Khan to bring back the offshore wealth of Pakistanis would help in accelerating the economic growth through production and utilization of hidden liquid assets in the mainstream of the economy.
Presiding over a meeting of Board of Directors (BoD) held here at PFC headquarters on Tuesday, Mian Kashif Ashfaq said this coming amnesty scheme would be a major breakthrough that would help expand tax net as collection of revenue had always been remained under pressure due to various reasons.
He said that the increasing tax base and revenue generation was imperative for provision of better economic and social services to people.
The Chief Executive PFC termed this government’s initiative as mega tax reform and hoped that it would attract more and more people to get registered with the relevant tax collection authorities through this scheme.
He said once the tax based is broadened to the required levels, the country will get rid of such amnesty schemes in future, saying the good intention of the present elected government should not be considered wrongly.
Mian Kashif Ashfaq was of the view that government had made reasonable progress at economic fronts and took bold decisions in the larger interest of the economy.
He said that foreign assets were useless for Pakistan but now these could be brought into the country that would ultimately ensure huge financial benefits to Pakistan.
The Chief Executive PFC said that these foreign remittances would be used for creation of new employment opportunities as well as expansion of local industry on modern lines. He also expressed the concern that rupee devaluation was affecting all businesses, therefore, government must put in place measures to contain this trend, besides promoting business-friendly policies for speedy economic growth.
Mian Kashif Ashfaq further stated that the PFC has conveyed their message to the government quarters concerned that no durable and profitable trade policy can be made without consultation of the stakeholders of the concerned industry and if the government will take steps to boost furniture sector, PFC would extend all its support to materialize friendly legislation.
He said there was a need to devise a comprehensive strategy to promote the furniture industry on commercial basis which will not only support the manufactures but also increase our export across the world.
The Chief Executive PFC also suggested a consistent policy for budgeting to support programs/schemes in the long run and different agricultural zones should be introduced that would enhance agro-based industry from respective regions and could lead to increase in foreign reserves.
Efforts should be geared up for trade promotion, industrialization, balancing trade, increasing exports, Kashif Ashfaq said adding that research centers and laboratories should be increased while there should be strong linkage between industry and academia. Research should be focused on industrial growth, and skill development should be focused while developing any education policy, he concluded.
