FPCCI Satisfied with SIFC Initiatives. Demands to Know its Incorporation in MQM-Pakistan Manifesto
Dr. Khalid Maqbool Siddiqui, Convener of MQM Pakistan, and Dr. Farooq Sattar, Senior Deputy Convener of MQM Pakistan, visited the headquarters of the apex organisation to present their economic manifesto; business and infrastructure development plan to the business, industry, and trade community, as noted by Saquib Fayyaz Magoon, Acting President of the FPCCI.
The acting president of the FPCCI stated unequivocally that the organisation is content with the Special Investment Facilitation Council’s (SIFC) policy, macroeconomic, structural, and export promotion initiatives; furthermore, the organisation is curious as to how MQM Pakistan intends to integrate these initiatives into their economic manifesto.
Saquib Fayyaz Magoon further stated that political parties ought to seek guidance from the FPCCI prior to developing their economic policies for their manifestos, given that the business community can offer accurate information and counsel at the grassroots level.
SaquibFayyazMagoon asserts that Karachi, despite contributing more than 50 percent of the nation’s total taxes, is the fifth least habitable city globally. Even worse, only 45% of the 12,000 tonnes of daily solid refuse produced is disposed of appropriately; the remainder is dumped in the sea or accumulates in streets and roads.
Saquib Fayyaz Magoon, Acting President of the Federation of State-Owned Commercial Companies (FPCCI), urged the trade and industry sectors to comprehend the political parties’ strategies for reducing business costs, removing barriers to doing business ease, bridging skills development gaps, allocating funds for health and education, mitigating losses by state-owned enterprises (SOEs), bridging the $4,000 billion tax gap and expanding the tax base, and developing the SIFC platform.
Saquib Fayyaz Magoon emphasised that the energy sector’s circular debt has reached an alarming and unprecedented PKR 5.731 trillion and that economic development has slowed to a meagre 0.3 percent.
According to Dr Khalid Maqbool Siddiqui, MQM Pakistan is extremely concerned about the following: indirect taxation; discriminatory taxation levied on urban centres; the incomplete K-IV water project; annual losses of PKR 1,200 billion for state-owned enterprises (SOEs); the lack of progress on the privatisation of Pakistan Steel Mills (PSM); and shortages of basic utilities (electricity, gas, and water) in industrial areas. Moreover, he asserted that Sindh has squandered a cumulative PKR 22,000 billion over the past 15 years due to the failure to develop any urban or rural areas.
Dr. Farooq Sattar elucidated that the economic manifesto of MQM Pakistan is centred on the following: elevation of the populace’s human capital index ranking; provision of health and education; reduction of barriers to the establishment of new industries; establishment of industry-academia linkages; and IT and technical training for the youth. Additionally, he asserted that land in Karachi valued at PKR 10,000 billion has been granted for political reasons over the past fifteen years.
Additionally, Dr. Farooq Sattar expressed disapproval of the implementation of Section 7-E in the Income Tax Ordinance (IT-2001), stating that it reduced construction sector taxes from PKR 50 billion to PKR 25 billion, with Section 7-E generating a meagre 5 billion.