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Business community is worried about falling value of rupee: Zikria Akbar


Islamabad, MAY 8 /DNA/ – The first meeting of the New Executive Committee of the Islamabad Industrial Association was held under the chairmanship of newly elected President Muhammad Zikria Akbar zia. Hayat Khan, Atif Ikram Sheikh, Ahmed Waheed, Mian Irfan Zafar, Mahfooz Elahi, Tahir Ayub, Shahbaz Majeed, Iftikhar Anwar Sethi, Sanaullah Bahmi, Karim Aziz Malik, Mian Mahfoot Elahi, Former Presidents of Islamabad Industrial Association Sheikh Tariq Sadiq and Mian Akram Farid, Council Members Islamabad Industrial Association Khalid Javed, Nasir M.Qureshi, Mian Shaukat Mashood participated in the meeting. Umais Khattak has been appointed as Finance Secretary. Formation of various committees like Mr. Omees Khattak has been appointed as Convener of CDA Committee. Mr. Waqas has been appointed as Convener Tax Committee. Mr. Shahbaz Majeed has been appointed as Convener of ICT Committee. The President took charge of WAPDA and Sui Gas affairs.

Former President Islamabad Industrial Association Mian Akram Farid and Mr. Nasir Qureshi were requested to take care of the media and keep updating the web page of the association. Addressing the meeting, newly elected President Muhammad Zikria  Akbar zia told the committee that he has requested for a meeting with the Prime Minister and discussed various proposals being put forward in the name of Industrial Area, CDA, Industrial Area. He further said that the government should try to overcome the problem of load shedding as soon as possible so that the wheel of the industry could turn. The government should develop new industrial areas for Islamabad as soon as possible so that business can be continued, said former president of Islamabad Industrial Association Mian Akram Farid, expressing his views. That the economic and business environment has reached a point where the business community justifies the demand for the imposition of an economic emergency to end the economic uncertainty. Businesses cannot operate profitably in such harsh and unfavorable conditions. The policy rate should be reduced from 12.25% to 7% to make access to credit possible and affordable for the private sector. This will reduce the government’s short-term debt servicing by Rs 300 billion. He said that the annual income tax should be reduced from 11 to 5 to 7 slabs. This would increase the tax collection by Rs 200 billion. In the forthcoming budget, taxes on consumer goods should be minimized, import duties on industrial machinery and technology should be reduced appropriately to facilitate upgrading of local industry and improvement of exports by producing value added products. Will be. He suggested that the FBR should focus on reducing the high tax rates in the forthcoming budget which would help in broadening the tax base and improving the overall tax revenue. The business community will fully cooperate with the new government in its efforts to accelerate public sector development projects in a timely manner to further improve our infrastructure, which will facilitate the growth of trade and industrial activities and the recovery of the economy. We demand that the FBR should refrain from taking such tax measures which would create unnecessary panic among the taxpayers and discourage voluntary tax payments. To take steps, the government should work on an urgent basis to create a more conducive environment for better growth of business activities, export promotion and investment, which will improve foreign exchange reserves and strengthen the value of the rupee. I will help. In his statement, he said that with the depreciating value of rupee, the volume of foreign loans is also increasing. Which the government should complete in full for the betterment of the local industry. He said that exports to other countries in the region, including Bangladesh, were increasing but Pakistan’s exports were declining, which was a cause for concern. Former President Islamabad Chamber Mian Shaukat Masood while addressing the gathering said that the government should pay more attention to the improvement of the IT sector. And there is an important role in revenue, which should be paid attention to the fact that the young generation can be given jobs and unemployment can be reduced. Executive Member Karim Aziz Malik and others also addressed the meeting ۔

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