SCCI suggests preparation of fiscal budget jointly by FPCCI, ICAP, chambers and army economic wing

PESHAWAR: President, Sarhad Chamber of Commerce and Industry Fuad Ishaq suggested Federation of Pakistan Chambers of Industry (FPCCI), chambers, Institute of Chartered Accountants of Pakistan and economic wing of Army should jointly prepare the fiscal budget.

The SCCI said the budget is a reflection of people’s aspiration and the budget shouldn’t be jugular of words but it must be aggressive, progressive and as per economic, business, trade and industries situation along with expectations and wishes of people.  

Faiq demanded bringing tax to single digit by reviewing the current custom, sale, and income tax system. He called for making a public report of IPPs which had been presented in the Senate of Pakistan.

All constitutional rights on gas, electricity and other natural resources should be ensured Khyber Pakhtunkhwa to flourish business, trade and industry in the province and create employment opportunities to youth, the SCCI chief stressed while speaking during a inland visit of 35th Senior Management Course Officers of National Institute of Management, Islamabad here at the chamber house on Wednesday.

The delegation was headed by Directing Staff NIM Lahore Dr Muhammad Farooq.

On the occasion, the chamber senior vice president Sanaullah Khan, vice president Ejaz Khan Afridi, executive members of the SCCI Monawar Khurshid, Qurat Ul Ain, former presidents Zulfiqar Ali Khan, and Faiz Muhammad, Saddar Gul, Fazal e Wahid, members of business community present in meeting.

Abundant of natural resources available in KP despite that this province is lagging behind in race of progress with other province, Mr Ishaq said, adding that owing the front line province in terrorism, business community of this province has confronted with severe hardships and continued their business, trade and industry by rendering matchless sacrifices, which is highly laudable.  

He expressed concern over putting KP in the RLNG basket despite surplus production of gas.

Similarly, he said KP is producing low cost and surplus despite charging equal electricity tariffs with major provinces, which is completely unfair and unjust.

The chamber president informed KP oil production of 31,000/per day which is 42 percent of the total production of the country, therefore he demanded establishment of an oil refinery in the province. 

He said owing to the prevailing scenario, more than 400 to 600 units have shut in the province.

Fuad mentioned Pak-Afghan bilateral trade has dropped at $ 500-800million, which had touched $3billion in 2012-13, blaming inconsistent policies for declining the mutual trade volume. 

He added that the vacuum between documented and undocumented trade is widening.

The SCCI chief expressed anguish that commercial bank deposits have surged at 15-16 percent in KP against the lending ratio of less than one per cent. 

Fuad Ishaq called for the provision of benefits under the One Belt One Road Initiative of China.

He demanded that the army should take over Pesco and SNGPL as their line losses have touched Rs 102 Billion and 47 percent respectively.