President Junaid Altaf stresses broadening \u2018tax-base\u2019 by effective implementation of EoDB
\n PESHAWAR
\nSarhad Chamber of Commerce and Industry expressed dissatisfaction over 0.5 percent cut in rate of interest and termed it like a drop in the ocean and urged to bring it down to a single digit.
\nPresident Junaid Altaf, Senior vice president Muhammad Nadeem, vice president Sabir Ahmad Bangash and the entire executive committee in their reaction over the policy rate cut on Tuesday emphasized that it is crucial to bring down the policy rate to 6.0 per cent.
\nIf the policy rate would have brought down to single digit that would bring further economic stability and industrial growth, and also pave the way for enabling the environment to foster commercial activities, senior office bearers remarked.
\nThe rate of inflation has visibly dropped, they stated, adding, according to official figures, the national economy is on a path to sustainable progress. In the prevailing depressing conditions, they said the policy rate cut is insufficient to improve the overall economic situation and clarified that economic growth is impossible sans bringing down interest at 6.0 percent. President Junaid Altaf has pushed for further decrease in policy rate that would accelerate industrial and commercial activities and put the national economy on a path of durable and sustainable growth.
\nThe SCCI chief pointed out that the highest power and gas tariff, harsh institutional policies, exorbitant tax rate and record high interest rate in the region, are the major contribution to hinder business and industrial progress. He informed that nearly 32.6 percent of small and medium businesses in South Asia, were turned to banks due to the lowest markup rate whereas its ratio in Pakistan is merely 2.1 percent.
\nPresident Junaid Altaf stressed that the tax-base should be widened by effective implementation of a mechanism for Ease of Doing Business.
\nHe also emphasised the need for drastic and extraordinary reduction in power tariffs and interest rate.
\nThe SCCI chief called for reshaping and formulation of durable and sustainable economic policies to provide opportunities to local investors on priority grounds and enhance business and commercial activities effectively in the regional market.
\nPresident Junaid Altaf praised the Special Investment Facilitation Council for its vigorous efforts for promotion of investment and businesses, and urged to bring down the current interest rate under PM\u2019s vision and sustained efforts of SIFC for accelerating economic activities in the country.<\/p>\n","protected":false},"excerpt":{"rendered":"
President Junaid Altaf stresses broadening \u2018tax-base\u2019 by effective implementation of EoDB PESHAWAR Sarhad Chamber of Commerce and Industry expressed dissatisfaction over 0.5 percent cut in rate of interest and termed it like a drop in the ocean and urged to bring it down to a single digit. President Junaid Altaf, Senior vice president Muhammad Nadeem, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-520461","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n