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Business Recorder
23-05-2025
- Politics
- Business Recorder
COAS's promotion, Air Chief's job extension hailed
KARACHI: The Chairman of the National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain Thursday said the government decision to promote General Syed Asim Munir to the rank of Field Marshal and to extend the tenure of Air Chief Marshal Zaheer Babar Sidhu are highly commendable moves. He said it serves as a great gift from the people of Pakistan to their victorious armed forces and will significantly boost the military's morale. Mian Zahid said this decision sends a clear message to both friends and foes that Pakistan is a proud and responsible nation that values and honours its heroes. He said a defeated India is desperately trying to cover its shame, but just like its military adventures, its diplomatic efforts are also bound to fail. He added that, under Bilawal Bhutto Zardari's leadership, Pakistan's diplomatic mission will also challenge India firmly on the global stage. Mian Zahid said the Pakistani nation is fully united, and the armed forces are vigilant and ready to deliver a crushing response to any Indian aggression. He added that Pakistan only targeted Indian military installations during the war, while India shamelessly attacked civilians, including women, children, and mosques, reflecting its narrow-mindedness. India is now sending parliamentary delegations abroad to promote false narratives about its so-called "Sindur Operation" and fabricated false flag operations. In response, Prime Minister Shehbaz Sharif has decided to intensify diplomatic efforts and expose India's malicious intentions to the world, which will further isolate India on the diplomatic front, he said. After India's aggression under the cover of the Pahalgam false flag operation, the U.S. President's offer to mediate on the Kashmir issue has drawn the world's attention to the genuine core dispute. The British Parliament also held a debate on the Kashmir issue, during which India's atrocities were strongly condemned, and full support was expressed for the fundamental human rights of the Kashmiri people. Mian Zahid said during the brief war, the issues of Kashmir, terrorism, and water came into sharp focus. Indian Prime Minister Modi's announcement to suspend the Indus Waters Treaty signals India's intention to block the flow of the Indus River into Pakistan. It is a hazardous yet cowardly act that will lead to a severe conflict. The Government of Pakistan has already warned that if India attempts to block water, the consequences will be felt for generations. He further noted that the military spokesperson has made it clear that India is not the United States, and Pakistan is neither Gaza nor Palestine. By the grace of God, Pakistan has never bowed down and never will; instead, it will respond to any attack with greater force. Mian Zahid emphasised that Pakistan desires peace but remains entirely prepared for defence. He said that any country that keeps getting beaten by a relatively minor nation like Pakistan and dreams of being used as a pawn against a superpower like China is living in a fool's paradise. India must abandon its delusion of becoming the regional policeman and learn to stay within its limits. If India does not change its behaviour, it will once again face consequences similar to the humiliation it suffered in the Abhinandan episode. India's dream of forcing Pakistan to bow will only lead to its ruin and disintegration, he warned. Copyright Business Recorder, 2025
Business Recorder
21-05-2025
- Business
- Business Recorder
Tax system termed barrier to economic growth
KARACHI: The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain, said on Tuesday that Pakistan's current tax system stands as a formidable barrier to the economic growth, stifling innovation and entrepreneurship. He said that taxation complexities and inefficiencies create a challenging environment for businesses, diminishing their potential to thrive and expand. Mian Zahid Hussain said that the flawed system hinders the vibrant spirit of economic progress, leaving many opportunities untapped in a country rich with potential. He said that the system is rooted in injustice and inequality and continues to fuel fiscal deficits, rising debt, and balance-of-payment crises. He said the government is under pressure from the IMF to reduce the budget deficit and achieve a primary surplus under the $7 billion loan programme. However, he warned that the burden may again fall disproportionately on salaried individuals and the corporate sector; a fact that cannot be ignored and should be a cause for concern for all of us. The tax target for the current fiscal year was initially set at PKR 12.9 trillion; later, it was revised downward to PKR 12.3 trillion, with a projected shortfall of up to PKR 1 trillion. He said additional taxation seems inevitable to bridge this gap. The upcoming fiscal year's tax target is expected to be PKR 14.3 trillion. The IMF is pressing for more revenue in the new budget. Still, he said it remains unclear whether the government will continue taxing compliant sectors or finally act against powerful groups that have long remained outside the tax net, referring to industries such as retail, real estate, and agriculture. Mian Zahid Hussain emphasised that if the government truly intends to relieve the public and the salaried class, it must eliminate unnecessary tax exemptions and take action against tax evaders. He also stressed the need to address losses from state-owned enterprises, power, and gas sectors, which are straining public finances. He acknowledged that certain industrial and trade groups strongly resist current tax reform plans. However, he urged the government to engage these stakeholders through meaningful dialogue and integrate them into the tax system. He further advocated completely digitalising all business transactions to curb tax evasion and improve compliance. This move requires the active participation of all stakeholders. The business leader said it is time to stop repeatedly targeting the salaried class. Instead, the government must go after those who earn billions but contribute nothing to national development. Mian Zahid observed that a fair and uniform tax policy is essential for justice and economic stability. He said that only a non-discriminatory taxation system where every citizen contributes according to their income can ensure sustainable development in Pakistan. Copyright Business Recorder, 2025
Business Recorder
07-05-2025
- Business
- Business Recorder
Sweeping tax reforms needed for sustainable economy: Mian Zahid
KARACHI: The Chairman of the National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain, Tuesday said comprehensive tax reforms are indispensable to reposition Pakistan's economy on a sustainable footing. He said that excessive strictness in collecting taxes will harm instead of benefit, as it will discourage businesses. Mian Zahid Hussain said that a large number of taxes is making the system more complex, while the focus of tax policy should not be only on increasing revenue but also on ease of doing business and global competitiveness. He said that the current tax structure is complex, non-transparent, and unfair, hurting the business community and making efforts to expand the tax net difficult. Mian Zahid Hussain said that the burden on taxpayers is continuously increasing. At the same time, there is a lack of effective action against tax defaulters, which is discouraging taxpayers and encouraging tax evaders. He added that the Federal Board of Revenue should be given complete autonomy, and the need for contact between taxpayers and tax collectors should be reduced through automation and digitalisation so that problems like corruption and delays are reduced. Mian Zahid Hussain stressed that the FBR should be free from political interference to perform better, adding that increasing revenues without increasing the tax net is impossible. He noted that much of Pakistan's population is outside the tax net, mainly due to a lack of trust and a complicated tax filing system. The online system should be made easy and transparent for taxpayers, who should be encouraged to join it. Mian Zahid Hussain said that bringing agriculture, property, wholesale, and retail sectors into the tax net is the need of the hour. Big shopping malls and markets do business worth billions of rupees, but most do not pay full tax. The government should collect data on these sectors and ensure their monitoring through technology. Mian Zahid said that the government and the FBR should increase the consultation process with the business community to include their opinions in the reform process. He warned that increasing the tax net significantly is impossible without establishing an atmosphere of trust. Along with strict measures against tax evasion, it is also necessary to respect and accommodate honest taxpayers, and various programs can be introduced for this purpose. Mian Zahid Hussain further said that the President issued the Tax Law Amendment Ordinance 2025, after which the FBR's powers increased immensely, and the FBR was given the authority to withdraw funds from taxpayers' bank accounts unilaterally. In addition, the FBR can now deploy its own or any other organisation's staff at taxpayers' factories, etc., for surveillance. This decision has been taken to ensure the achievement of tax targets and prevent tax evasion. However, instead of increasing tax collection, these powers will lead to a huge increase in corruption, while the country will experience a decrease in business ease. He demanded that the business community have legitimate reservations about this Ordinance, which should be considered and withdrawn. Mian Zahid expressed hope that if the government and institutions seriously implement reasonable reforms, revenues will increase, the economy will be stable, and dependence on international financial institutions will be reduced. Copyright Business Recorder, 2025
