Long-term policies indispensable to make Pakistan an economic power: Ashfaq Yusuf

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ISLAMABAD, JUN 15 /DNA/ – Minister of State for Finance and  Adviser to Prime Minister on Reforms and Resource Mobilization Commission Ashfaq Yusuf Tola has said that correct and long-term policies are indispensable to make Pakistan an economic power. We have to bring a transparent self-accountability system, the reports of the country going bankrupt are completely baseless. Pakistan is definitely suffering from problems, but we will come out of them soon.He expressed these views yesterday while addressing the post-budget session held at the Islamabad Chamber of Commerce and Industry.

He said that I am happy to come to the Islamabad Chamber of Commerce. I am the representative of the traders and will play an active role to solve the problems of the traders. All the recommendations received by Islamabad Chamber of Commerce are being seriously considered. He said that if we want to become an economic power, we have to bring a system of self-accountability, we have to adopt correct economic policies to make the country an economic power. No policy can succeed without the support of the business community. When Finance Minister Senator Ishaq Dar returned from London, the dollar fell from 238 to 212 rupees in four days. Dollar hoarders felt that it would come down to its original value, so they started selling it. He said that 127,000 people are paying 90% tax, people in Pakistan do not file tax returns. So we have to increase this tax net. The government has to pay more than 400 billion due to one percent policy rate increase. How can the economy and the country be run on this policy rate for a long time? He said that the news of the country’s bankruptcy is completely baseless, but these are difficult times, but we will come out of these difficult situations soon.

Speaking on the occasion, Senior Vice President Fad Waheed said that the Pakistani economy lost billions of dollars due to floods. A taxpayer may be taxed to a certain extent, we have to address the culture of not paying taxes. He said that more than 8 thousand members of the Islamabad Chamber are tax payers, the government should take steps to increase this tax net and provide incentives.

Speaking on this occasion, President Islamabad Real Estate Agents Association Sardar Tahir Mehmood said that the government has presented the best budget despite the difficult conditions, some of our demands are left and we hope they will be included. Dozens of industries are connected to the sector while millions of people are employed by this sector. President All Pakistan Traders Associations Ajmal Baloch said that most of the traders I represent are not very educated. Therefore, I appeal to the government to simplify the tax system for small traders. Ashfaq Tola had introduced a wonderful scheme to increase the tax net, but unfortunately this scheme could not be implemented properly. I appeal to the government to introduce such a scheme again. The system should be made easy for the common trader.