Daily The Business

FPCCI announces unconditional support for KBD

ISLAMABAD: In a major policy shift, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday announced its unconditional support to the controversial Kalabagh dam (KBD) terming it imperative to the survival of the country.
Breaking its long silence over the issue, it also welcomed the action taken by the Supreme Court on water issues and KBD calling it a ray of hope at a time when Pakistan has become a water-starved country.
In a joint statement issued here Friday , Acting President FPCCI Atif Ikram Sheikh and Vice-President Karim Aziz Malik said that KBD was proposed six decades ago but it was never implemented due to political controversies.
A technical matter has been transformed into a political matter while the country continues to suffer, they added.
The business leaders said that Pakistan is considered a developing country where problems like power shortage and less availability of water are in dire need to be taken care of which is now realised by the Supreme Court.
Atif Ikram Sheikh and Karim Aziz Malik said that after independence India has constructed 4,000 dams whereas Pakistan could manage only 150 dams out of which the major reservoirs of Mangla and Tarbela are dying with a rapid pace. Pakistan had a water storage capacity for only 30 days of consumption whereas India had water reserves enough for 170 days while we continue to waste 25 million acre-feet of water worth billions of dollars every year because of lack of storages.
Politicians have remained blind to our needs for a long time and now the nation should be united to realise the cheap source of electricity as the unit price of electricity produced by hydropower is half the power produced through solar or wind energy, they added.
PIAF for extension in tax
amnesty scheme
The Pakistan Industrial and Traders Associations Front (PIAF) Chairman Irfan Iqbal Sheikh has again appealed to the concerned for extension in the Tax Amnesty Scheme 2018, besides launching an awareness drive among the businessmen to avail this facility.
He said that PIAF has been taking up the issue of one-time tax amnesty scheme for the last several years, as this tax package can revamp the economic structure of the country.
In a statement from abroad, He said that Pakistan has suffered from the capital flight because of various factors and this resulted in a huge stock of assets of Pakistani nationals abroad, while the country suffered from the cash flow. The extension in the scheme will help increase the number of taxpayers.
He said that this is the lowest rate so far of all the schemes of similar nature and; therefore, will encourage a large number of people to bring back their cash from abroad.
He said that PIAF appreciate the government measures to introduce a comprehensive scheme, which will not only bring a change in the life of individuals, but will also hopefully revamp the economic structure of the country and would bring in the much-needed stability. —Online
The PIAF chairman urged the government to give constitutional guarantees and a comprehensive protection package to all the beneficiaries of this scheme against the harassment or questioning by different agencies in the future.
The investment and foreign exchange bonds is also a positive step towards bringing the idle foreign exchange deposited in the banks to be utilised for the productive sectors of the economy.

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