Download Offshore companies: government accused of forestalling declaration

Offshore companies: government accused of forestalling declaration
The government on Tuesday was accused of making an amendment in Income Tax Ordinance through
Finance Bill 2016 to forestalling, declaration of offshore companies in Pakistan. Taking part in the Budget
debate, Pakistan Tehreek-e-Insaf member Asad Umar stated that Finance Minister Ishaq Dar has made
an amendment in the Income Tax Ordinance and as per that amendment if anyone has made an offshore
company, he need not declare it in Pakistan. Asad Umar said people of the country would lose their faith
in
Parliament
if
this
amendment
is
approved.
Criticising the government policies, he said investment has also decreased during this period. He said
that the Pakistan Steel Mills is closed for the last eight months. He stressed the need for its revival. He
said the salaries of Pakistan Steel Mills, Pakistan Machine Tool Factory and Heavy Electric Complex
employees had not been paid for the last five months while payments against pensions of PSM
employees
and
their
widows
had
been
stopped
for
the
last
five
years.
He said no country can achieve development without attracting investment and the government''s own
document, the Economic Survey, reveals that investment during the present government''s tenure has
been
even
lower
than
what
it
was
during
PPP''s
tenure.
He said unemployment is the biggest issue and more than 1.5 million people have lost their jobs during
the tenure of the present government. He said that government''s own figures reveal that only 300MW
was added to the installed capacity of power generation in the country during the last two years against
an
annual
demand
of
10
percent
increase.
PTI legislator accused the government of introducing a slew of new taxes on gas and electricity. The
government was also accuse of imposing highest-ever taxes on petroleum products. He said the Finance
Minister has failed to bring rich people into the tax net and is resorting to indirect taxes.
He said taxes should be reduced on electricity and petroleum products to give relief to people. He said
the government should launch new housing schemes for government employees to overcome housing
shortages. He demanded an increase in pensions of government employees. He said that the ChinaPakistan Economic Corridor (CPEC) is a beneficial project and it must be exploited for country''s greatest
benefit.
Sheikh Rashid of Awami Muslim League Pakistan (AMLP) said that 4.71 per cent GDP growth rate
mentioned in the budget documents is not a real one. He said that according to independent economists,
the growth of GDP is 3.7 percent to 4 percent of GDP. He said that only 300MW additional electricity was
added to the national grid in the last three years of the PML-N government. He stressed the need for
completing a mother and child hospital in Rawalpindi. He underscored the need for speeding up the
process of a probe into the Panama leaks. While lambasting the government, Sahibzada Tariqullah said
the
government
was
failed
to
achieve
economic
targets.
He said although the government has allocated a Rs 860 billion defence budget it neglected the Foreign
Ministry. He said defence and foreign relations complement each other. He urged the government to
revisit country''s foreign policy. Furthermore, he stressed the need for an early conduct of population
census. Dr Azra Fazal Pechuho of PPP said the PML-N government''s 4th budget is high on promises
and short on delivery. She said Agriculture Sector was affected badly due to government policies. She
alleged
that
due
to
increase
in
public
debt,
no
sector
can
show
any
growth.
PML-N member Awais Khan Leghari said the government has presented a "good budget" and the
opposition should also come up with viable recommendations to further improve the document. He said
that all political parties including the PML-N should sit together to devise a long-term Water Policy as
Pakistan
is
fast
heading
towards
becoming
a
water-deficient
country.
Leghari said the economy is improving and the government is doing its best to bring foreign investment to
the country and the Chinese investment under the China-Pakistan Economic Corridor is an example of it.
He said the CPEC is a national project and all political parties should own it. Parliamentary Secretary for
National Food Security and Resources Rajab Ali Khan Baloch also hailed the government''s economic
policies. He said the government is also focusing on education and health sectors, though they have
been devolved to provinces under the eighteenth Constitutional Amendment.
Business Recorder: 08/06/2016