Daily Times

KARACHI: Finance Minister Ishaq Dar has said that due to tightening of regulatory framework worldwide, tax evaders will have no place to hide black money.

Addressing members of FPCCI, Dar said that politicians should abstain from politicizing economic projects for the best interest of the country. Due to economic reforms of the government, many countries are now willing to make business deals. All international monitoring institutions are lauding the efforts of the government for economic uplift, Dar added.

Dar said that government will consider further incentives; keeping in view the outcome of the textile package. He stressed the need to enhance the GDP because 3 percent was insufficient to cater to the needs of 2 percent population.

Earlier, Zubair Tufail, newly elected president of the FPCCI, expressed the gratitude of the business communities for a textile package of Rs 180 billion saying that in next 6 months the results would be visible.

He also demanded a similar package for the export promotion of fruits and vegetables from Pakistan which stands at around $700 million and can be increased to $1 billion.

On behalf of the business community he called for an announcement of a tax amnesty scheme with 3 percent tax rate. Those holding money should be given at least 5 to 6 months to show their wealth, he demanded.

He also sought uniform income tax for commercial and industrial importers. The government should also take a decision regarding steel mills and PIA, he demanded.

SM Munir, Chief Executive of Trade Development Authority, informed that China has issued a no objection certificate NOC for the import of Rapeseed to the tune of $1 billion annually. He was optimistic about Pakistan’s economic progress in 2017.