PPA
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.
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.
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.