Government should focus on power production, demands United Business Group, Federal Board of Revenue body

Islamabad, June 02, 2015 (PPI-OT): Patron in Chief of United Business Group S.M Munir Chairman Mian Iftikhar Ali, President FPCCI Mian Idrees and Chairman of FBR committee Zubair Tufail and Malik Sohail Hussain Chairman Coordination FPCCI has welcomed the allocation of Rs 1514 billion for the development projects. They demanded that government should give special attention to power production as it is the key hurdle in industrial growth.

In a statement issued here on Tuesday, they said that in the meeting of National Economic Council that held under the chair of Prime Minister Nawaz Sharif Rs 1514 billion allocation approved under annual development plan for federal and provincial projects. In this amount billion of rupees would be spent for construction of dams and other power sector projects.

Besides this they said, National Economic Council has fixed GDP growth target at 5.5%, manufacturing growth target at 6.1%, agricultural growth target 3.9% and export growth target kept at 25.5 billion. They said that government is utilizing all available resources to increase power production to eliminate power crises and to keep the economy back on track.

They said that industrial sector has failed to furnish their orders and failed to increase its capacity due to non-availability of power and gas. There is dire need to give incentives to the industrial sector in taxes and subsidies and business community expects that in coming budget certain incentives would be announced for them.

Representatives of business community further stated that FPCCI after consultation with other chambers presented their recommendations and demanded their inclusion in coming fiscal budget. They said that business community would make every possible effort to achieve the exports target for the coming year.

They said that tax refunds of business community should be released immediately as promised by Finance minister senator Ishaq Dar. They said that to widen tax net, FPCCI recommendations should be incorporated in the coming budget and government should ensure that no new tax would be introduced for tax payers.

For more information, contact:
M. A. Lodhi
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332