Ours is new mindset: Imran

KARACHI: Prime Minister Imran Khan has said that Pakistan Tehreek-e-Insaf has come up with a different thought regarding business and investment in the country. He said that those who had availed themselves of tax amnesty scheme would not be harassed.

The prime minister said that investment would be provided with protection and impediments in the way of doing business would be removed.

The present government has been taking steps for development and progress of the entire province of Sindh, including Karachi, and the city should once again be put on the path of economic prosperity, said the prime minister as he met a delegation of Pakistan Stock Exchange (PSX) comprising its office-holders and stockbrokers led by PSX Chairman Sulaiman S Mehdi.

The meeting was held at the Sindh Governor House on Sunday as the prime minister reached Karachi for his second visit of the city since he became the premier of the country earlier this year. Others who were present on the occasion were Federal Finance Minister Asad Umer, Planning and Development Minister Makhdoom Khusro Bakhtiar, Minister for Water Resources Faisal Vawda, Federal Minister for Information Technology Khalid Maqbool Siddiqui, Federal Minister for Water Resources Ali Zaidi, Sindh Governor Imran Ismail, State Minister Hamad Azhar, Advisers to the PM Dr Ishrat Hussain, Naeemul Haq, Iftikhar Durrani, and others.

The PM said the present government would fulfill all its commitments with the business community in contrast to the routine and conduct of the previous governments. He said the businessmen community would be fully consulted by his government in its decisions regarding the economy of the country.

The PM said that his government had come to power with a different thought process as it wanted to protect and promote businesses, investment, and bring stability to the country’s market. “I have come to you here with the purpose that you should give us suggestions,” said the PM while talking to the PSX delegation.

He said that investors from other countries had been investing in Pakistan as the country bore great potential for investment. The PSX delegation in its first meeting with the PM greeted him on assuming the position of chief executive of the country and praised the steps initiated so far by the financial team of his government for the sake of fiscal stability in the country. The delegation informed the PM about the issues related to the stock market and stockbrokers and also gave suggestions for further economic stability in the Pakistani market. Several of the suggestions given by the stockbrokers were reportedly approved on the occasion. The PSX delegation also assured fullest cooperation of stakeholders related to the stock market for implementation of financial policy of the government.

The meeting between the two sides developed a consensus on the steps to be taken for enhancing tax base of the country, prevention of illegal remittances being sent to the country, and also promotion of information technology in the stock markets.

Meanwhile, PM Imran Khan said that his government had been working with the utmost resolve to provide maximum facilities to the business community and also to ease out the process of doing business in the country. “These all steps are being taken by the present government so that Pakistan could be ranked among the list of top 100 nations of the world,” said the PM while meeting here at the Governor House the delegations of Karachi Chamber of Commerce & Industry and the Federation of Pakistan Chambers of Commerce & Industry.

The PM said on the occasion that elimination of the menacing problem of corruption was like the foremost priority of his government as the country will soon be steered out of the present state of crisis. He said that his government had been fully focusing on overcoming the trade imbalance of the country due to difference between volumes of exports and imports. He assured the delegations of businessmen and industrialists that they would not face any sort of obstruction in the passage of doing business in the country.

The PM said that he had come to Karachi with his entire financial team so that he could listen to the problems of businessmen community and also could seek immediate solution to them. The PM said that Pakistan didn’t lack on any front as just an investor-friendly environment was missing in the country. He said that Pakistan would make progress only when there would be an ideal situation in the country for doing investment and business.

He said that skills would be taught to youth of the country in order to end the menace of unemployment in the country. He said that his government had been working with the objective to do poverty alleviation in the country and to ensure uniform progress in every portion of Pakistan.

The PM assured the delegations that the present government would take into account the recommendations of the concerned traders in formulating and implementing its economic policies.

The delegations of the KCCI and FPCCI informed the PM about the issues of traders, industrialists, and businessmen of the country. The delegations’ members said that traders’ fraternity of the country fully stood with the PM for the cause of national development. They said that proposals of the traders’ fraternity should also be taken into account by the present government for economic stability in the country. They appreciated the present government for its steps to revive the Engineering Development Board.

The PM said on the occasion that a positive image of the country would emerge for the rest of the world with promotion of foreign investment in Pakistan. He said that his government would provide utmost assistance and facilities to traders, businessmen, and industrialists of the country. The PM said that all the promises of his government with the traders’ community would be fulfilled.

He said that all mega development projects being initiated by the federal government in the province would be completed in the shortest-possible time. The harmonious relationship between the Federation and provinces would be promoted in the country. All the reservations and problems of traders and businessmen community would be removed, the PM assured the delegation.

The PM said that his government had been considering the proposals to rationalise or reduce certain taxes and duties so as to bring down the cost of doing business in the country. The PM said that his government was working to come up with a national tariff policy for resolving the tax-related problems of the businessmen community of the country by rationalising the rates of certain taxes.

Federal Finance minister said on the occasion that the businessmen and industrialists are the backbone of economy of the country as the present government would not leave them alone as their problems would be resolved.

Meanwhile, the PM informed the businessmen’s delegation that he had ordered constitution of a committee to provide compensation to traders and shopkeepers affected due to ongoing anti-encroachment drive in Karachi. He said that federal government of Pakistan Tehreek-e-Insaf would fully side with the quarters concerned, which had been affected by the anti-encroachment campaign. The PM assured the delegation that a review petition would be filed by the Centre in the apex judiciary to save the businesses and shops in the city from getting demolished under the present drive, which possessed 50-year-old or even older lease.

Meanwhile, Sindh Chief Minister Syed Murad Ali Shah also met PM Imran Khan at Governor House as both agreed to hold a meeting in Islamabad in view of the ever-increasing financial needs for the K-IV bulk water supply project for Karachi. The PM said on the occasion that stability of peace situation could ensure development of Karachi. Intelligence cooperation and information sharing among the different agencies should be beefed up for maintenance of law and order and security situation.

On the PM’s inquiry, the chief minister told him [PM] “the provinces can work with the federal government as long as each recognises their constitutional jurisdiction”. The CM urged the prime minister that Federation needs to fulfill its commitment for the K-IV and KCR projects. The prime minister said that in their last term in KP, the federal government used to do projects of electricity and gas directly in KP. The CM told the prime minister that federal government was more than welcome to do these projects in Sindh as these items were in the federal domain. In fact, the CM urged him to spend more on electricity and gas projects in Sindh.

The PM inquired about the law and order in rural Sindh, and the chief minister told him that by and large the law and order situation was satisfactory and all areas in the province were safe.

The PM himself acknowledged this and said that 10 years ago he used to move in rural Sindh in convoys because of the poor law and order.

According to a stock exchange press release, the meeting was very fruitful and the following points were discussed and agreed to revive the investors’ confidence at PSX.

1) Advance Tax of .02 percent on purchase and sale of shares (both sides) to be reduced to 0.01 percent, however on the request of the chairman, the PM agreed to consider abolishing it completely. This has no tax revenue impact on GOP being an adjustable tax;

2. Allow carry forward of capital losses up to three years;

3. Rationalisation of taxation of holding companies on inter corporate dividend;

4. Rationalisation of Capital Gain Tax on equities in line with real estate in the next budget;

5. Promote listing of GOP and CPEC projects debt at PSX;

6. Help curtail over regulation over brokers for promoting equity investments.

It was also agreed that the proposed changes will be enacted on fast track.