Islamabad : The business community is pinning high hopes on the Prime Minister Imran Khan’s new economic team that it would deliver and address their problems in a better way, a business leader said Saturday.
The addition of a pro-growth Shaukat Tareen as Minister for Finance and Revenue in the economic team is a laudable step by Prime Minister Imran Khan to trigger growth, said Shahid Rasheed Butt.
He said that Tareen, an honest, principled and gifted person, would introduce reforms and redistribute the burden on taxes on different sectors to stabilise the economy.
Shahid Rasheed Butt said that the third wave of coronavirus has jolted the businesses, therefore, the new finance minister should consider announcing a relief package.
The Temporary Economic Refinance Facility which led to Rs700 billion investment in plant and machinery etc. has lapsed in March which should be extended to stimulate production and create employment opportunities, he said.
Similarly, he added, the concessional loans to prevent retrenchment should also be strengthened and reintroduced until the pandemic is over.
He said that the business community was facing competitiveness issues due to expensive energy and it is nervous about another hike in power tariff during the incoming fiscal which will compromise production and exports.
He noted that an unrealistic increase in the tax target for the next fiscal year will put an additional burden on the existing taxpayers and promote evasion therefore it should be reconsidered.