KARACHI: Mian Nasser Hyatt Maggo, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has expressed deep concerns over the approach of the government for not taking the apex business, industry and trade body of Pakistan into the consultative process over what he called ‘mini-budget’, adding this effectively keeps all the stakeholders out of loop.
He said that there are strong rumours that the government will also facilitate only the selected vested interests in the planned mini-budget next week. If all measures demanded by International Monetary Fund (IMF) are implemented, the people of Pakistan and the SMEs will have to endure an enormous burden of Rs800 billion, he added.
Mian Nasser Hyatt Maggo, referring to the announcement made by Finance Minister Shaukat Tarin, said that there is no way the current state of economy can withstand an additional burden of Rs350 billion in taxes, as the economy will collapse. He said the government would have to take the stakeholders into the consultative process to rekindle the process of economic growth after much damage.
He said that the Finance Minister should immediately start the consultative process with the FPCCI over the planned mini-budget. FPCCI has always kept the doors of the apex representative trade body of Pakistan open; but, the government has never paid any heed to the mutually-beneficial proposals we have put forward, he added.
Mian Nasser Hyatt Maggo said that FPCCI sent its proposals on taxation reforms and broadening of the tax base, way back in February 2021; instead, the government, incompetently and insensitively, has embarked on the path of tax pyramiding.
He reiterated that no more taxes can be extracted from the existing taxpayers. We should reach out to alternative multilateral financing sources and friendly countries for bilateral financing, he added.