LAHORE -UNS: Iftikhar Ali Malik, former President of LCCI, FPCCI, and SAARC Chamber, and Business Leader Asia, has urged the government to implement key measures to boost economic growth.
In a statement Malik calls for reduced power tariffs to stimulate economic activity and employment. He advocates for broadening the tax base, improving tax administration, and simplifying tax procedures to enhance compliance and revenue collection.
He emphasizes the need for a reduction in market up and give incentives such as tax credits and exemptions to increase exports and reduce the current account deficit, promoting industrial growth and competitiveness. To tackle the issue of the undocumented economy, Malik suggests incentivizing digital payments and improving the documentation of economic transactions.
Malik stresses the importance of fiscal discipline and transparency in public finances to restore investor confidence and ensure sustainable economic development. He also urges the government to settle issues with traders amicably to avoid escalating tensions.
Malik warned the government not to withdraw exemptions and zero ratings nor introduce additional levy on the agriculture sector including agriculture machinery/implements, pesticides, tractors etc., which will directly burden the farmers and end consumers.
Overall, Malik highlights that focusing on these areas will create a more conducive environment for business, leading to job creation and GDP growth in Pakistan.
