He said that the manner in which the government has announced the imposition of 10 per cent super tax on 13 major industries has only panicked the manufacturers, leaving them with no option but to resist the plan by all means will. He said that steps should be taken to reduce imports of $ 10 billion annually, which would save the country's precious foreign exchange. Roomi spoke to reporters .
He said that the present government has introduced a series of budget, it has been imposing new taxes besides withdrawal of incentives daily ever since it came to power.
Jalaluddin Roomi suggested that the government should immediately take the representatives of industrialists, manufacturers,exporters, economists, farmers and other major financial institutions into confidence and formulate policies to improve the economic situation.
Khawaja Jalaluddin Roomi said that at present the textile industry is paying 29% tax. In such a situation, the implementation of super tax will push every section of the society towards inflation. At the same time, the Pakistan Stock Exchange (PSE) went into a slump.
In the recent past,He said, the textile industry had seen an improvement in business in just one year and the world economy was facing its worst period. Those doing business in the developing country should try to get the government to impose a minimum tax on cheap electricity and petroleum products so that the wheel of the economy keeps turning fast.
Roomi said that Government should introduce permanent economic policies to put the country on the track of progress ,prosperity and stability.He said that the wheel of the industry should not be stopped or jammed if the Government want to achieve the onjective of strong economy.
Khawaja Jalaluddin Roomi said that there was dire need to further expand the tax-net and to collect tax from those who never paid even a single penny as tax if the Government wants to yank the Pakistan out of the economic crisis. He said that it was not a wise step to over burden the tax-payers who are already payment taxes.
Khawaja Jalaluddin Roomi added that inflation, recession and poverty are on the rise all over the world. At present, the whole world is in the grip recession. The real problem of the people is now pure food and medical treatment. Unemployment and poverty have risen sharply since last month. For this, the government has to formulate a policy on a solid basis so that we can come out of the economic crisis.
He said that taxation and collection system in Pakistan has always been complex and tedious there is no transparency in the tax system.World Bank had pointed out large scale corruption in tax collection At the same time, the priorities of each government are different.Due to which . Now the government should bring all the institutions in the tax network instead of just one class. So that the government's economic policies can be better articulated.
