The reforms in taxation sector is the become imperative and government should give proper heed towards it as without taking drastic measures to enhance revenue the growth of economy is not possible
Islamabad (Pakistan Point News / Online - 05th December, 2019) The reforms in taxation sector is the become imperative and government should give proper heed towards it as without taking drastic measures to enhance revenue the growth of economy is not possible.This was said by former President ICCI Shahid Rasheed Butt, while speaking a meeting on Thursday here .He said that sluggish economic activities are resulting in low production, reduced revenue and increased unemployment which should be taken seriously by the economic managers, a business leader said.
He was of the view that all the sectors of the economy are underperforming but the industrial sector responsible for production, exports, revenue, and employment is in a spin, said."The new economic and monetary policies have not gone down well the masses and the business community, therefore, the impact of these policies should be seriously studied", he added.Butt said that the economic activities are nose-diving and many industrial sectors are closing down or cutting production to remain afloat in these challenging times.
He said that economic managers should stop praising their policies and do something to revive the economy. The business leader noted that the masses, as well as the business community, are crying out for some relief and proper economic reforms to boost productivity but the government has shown little willingness for it.He said that businesses are focused on survival and the situation will not change unless investors feel confident to make and implement new investment plans, he observed.He said that serious attention is needed to reform the tax system which is becoming regressive by the passage of every day while the revenue shortfall in the month of November has fuelled fears of another mini-budget which will add to the miseries of masses.