Islamabad, August 17, 2022 (PPI-OT):Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Wednesday said a clear direction should be given to the economy. Policy contradictions should be removed so that the confidence of domestic and foreign investors can be completely restored, he said.
Shahid Rasheed Butt said that agricultural development should be given attention so as not to spend a huge sum of seventeen billion dollars annually. In a statement issued here today, he said that the current rate of tax is a hindrance to the country’s development and by industrial sector can be promoted by reducing the tax imposed on it.
Industrialisation will increase employment, production, and revenue which will accelerate national development. He said that there should be a complete ban on unnecessary imports, the policy of benefitting elites by taking loans should be stopped and agricultural income should be taxed immediately.
The auto sector should be mandated to manufacture all components locally to save up to $6 billion annually. Borrowing to artificially keep government companies alive should be stopped and sick units should be sold immediately to save more than one trillion rupees annually.
Shahid Rashid Butt said that economic and social justice cannot be ensured without improving the direct tax system. He said that the policy of currency devaluation for the benefit of exporters should be ended forever. For decades, most of the policies have been made for the elite, but now it is time to make policies for the development of the economy, otherwise, the country will soon be bankrupt.
For more information, contact:
Dr. Shahid Rasheed Butt
Consul General Ghana
Former President ICCI
Former Patron ICST
Tel: +92-333-5132199, +92-51-2822571