Government share information about fourth part of China Pakistan Economic Corridor (CPEC), chairman APCCI Committee on CPEC Raja Amer Iqbal
By;Asghar Ali Mubarak
The chairman All Pakistan Chamber of Commerce Industries APCCI Committee on CPEC and President of Rawalpindi Chamber of Commerce and Industry (RCCI) Raja Amer Iqbal said the government should discuss with Chinese counterpart to evolve a policy to have joint ventures between China and Pakistan for long lasting win-win cooperation. He proposed that through memorandum of understandings with China, labor intensive industry should be relocated in Pakistan to boost the local employment.
Raja Amer Iqbal urged that the government share information about fourth part of China Pakistan Economic Corridor (CPEC)’s industrial zones development project with business community across the country. He said a package discussed for Chinese industrialists should also extend to Pakistanis.Addressing to a group of senior journalists and TV anchors on CPEC headed by TV anchor Mr.Naveed Satti , President of Rawalpindi Chamber of Commerce and Industry (RCCI) Raja Amer Iqbal said tax rate should be rationalized and widened rather to focus on Gross Domestic Product (GDP).The RCCI president said sales tax rate should be reduced to a single digit bringing it at par with some of its neighboring countries. He said a committee had been constituted comprising one member each from all chambers across the country under his presidency which would discuss issues particularly regarding the CPEC’s industrial zones. He said that there is a need to monitor the transportation on borders as smuggling severely harms the economy of a country in multidimensional ways. . Raja Amer Iqbal has urged the government to curb smuggling as it is denting the economy. He said, “By curbing smuggling, the country can increase its tax-to-GDP ratio by another 3.9% to 15% within a year.”It damages the local industry, discourages legal imports and reduces the volume of revenues collected from duties and levies by the government, the RCCI president added.Raja Amer Iqbal said direct taxation was the only principal of progressive taxation while the indirect taxes, especially on essential items at the higher rate of 17 %, is against the equitable taxation. He opined the essential items, locally manufactured should be free from indirect taxes like medicines etc.Raja Amer Iqbal said without promoting the business and trade activities in the country a stable economy, goal of self sufficiency could not be achieved.He said RCCI focus on CPEC and decreases the ratio of Sales Tax to single digit, reduce public debt, increase tax net, tax base and poverty reduction. At this accession former president Rawalpindi Chamber of Commerce and Industry (RCCI)Jalil Ahmed Malik,Naveed Kanwal,Sadiq Imran and others were also present. He said that RCCI would approach, ministries, government departments, FBR and other for early resolution of the issues faced by business community. He demanded to the government that business community should be taken on board in the policy making process. He was of the view that in this way maximum positive ramification could be achieved in the economy. He Said that RCCI will approach, ministries, government departments, FBR and others for early resolution of the issues faced by business community. He demanded to the government that business community should be taken on board in the policy making process. He was of the view that in this way maximum positive ramification could be achieved in the economy.