ISLAMABAD: Qaiser Ahmed Sheikh, the chairman of the National Assembly Standing Committee on Finance and Revenue, has said that the government has put the economy on the right track and is focusing on attracting direct foreign investment in the country.
In an exclusive interview with Customs Today, he said that the government is trying to improve law and order in the country. He said that with the improvement of law and order, more and more foreign companies would invest in the country, which would also create job opportunities for the dynamic and well educated youth of Pakistan.
Qaiser Ahmed Sheikh contested general elections for National Assembly seat in 1993, 1997, 2002 and 2008; and was elected as an independent member of National Assembly in 1997, when only one party PML-N could secure National Assembly seats from Punjab. Except independent member, no other political party could get a single National Assembly seat from Punjab. On November 20, he was unanimously elected as chairman of the independent group of eleven members in the National Assembly.
He said that Pakistan has been waging war on terror over last one decade which had shattered its economy and law and order situation and budget deficit left by previous regime were responsible for hike in prices, therefore the incumbent government devised economic policies keeping the prevailing situation deep in mind. In this regard, during first two years, government remained focussed on revival of economy to put the national economy on the track.
However, in the third year of its tenure, government has now started taking valour measures to take due benefit out of the economic outcomes and gains of the previous two years hard work.
In this regard, Shaikh said that Finance Minister and his team carried out extensive exercise to take all the concerned stakeholders onboard on these measures. Repayment of millions of foreign debt, performance of state owned entities (SOEs), improved law and order situation, transformation of Pakistan International Airlines (PIA) and few other state institutions from loss making to profit earning ones as well as acknowledgment of financial progress of the government by international monetary institutions are proofs strenuous efforts carried out by economic managers’ team the government.
After putting the national economy on right track, he said that government was focussing on attracting more and more foreign direct investment in the country. Therefore, Finance, Commerce, Board of Investment and other concerned ministries and departments are carrying out coercive efforts by arranging road shows, exhibitions and other events of this nature. Moreover, we are trying to enhance regional connectivity with Afghanistan, China and even beyond the Central Asian Republics up to Russia to accelerate the regional trade activities.
Once our Gwadar Port is made operational as well as projects under China Pakistan Economic Corridor (CPEC) are completed, he said that Pakistan would become regional hub for entire South Asia, Central Asia and Eastern European countries. This will create millions of job opportunities for Pakistanis and then Pakistan will become the real Asian Tiger.
To question about national tax reforms and performance of Federal Board of Revenue (FBR), Shaikh said that FBR team was making untiring efforts to achieve the very unrealistic and optimistic revenue collection targets, therefore, there should be hats-off tribute to FBR team. Tax collection agency proposed unrealistic revenue targets in current budget in the wake that if these targets would have to be revised even then the revenue collection should be higher than the previous ones.
To another question about FBR’s measures regarding broadening of tax base, Shaikh said that unfortunately, Pakistan the lowest tax to GDP ratio country in the region; therefore, every one should pay due amount of tax and cooperate in FBR’s bids on bringing more and more people in tax net through measures regarding different tax and duty ratio on imports and even bank transactions.
Hopefully, impasse between the FBR and traders over the rate of withholding tax on bank transactions for non-filers will be resolved amicably because the National Assembly Standing Committee on Finance and Revenue had suggested 0.2% WHT on bank transactions for non-filers for a specific period of two or three years to facilitate the business community. Similarly, lowest amount of levy of WHT must also be enhanced from Rs 50, 000 to Rs 100,000 or 200,000 and after the specified period the WHT rate may be increased significantly.
Brief Profile
Qaiser Ahmed Shaikh took charge as Chairman National Assembly Standing Committee on Finance and Revenue last month. The said office had been lying vacant since June 19, this year when the Supreme Court unseated then Chairman Omar Ayub Khan from the National Assembly constituency NA-19 Haripur in Khyber Pakhtunkhwa and ordered the Election Commission of Pakistan (ECP) to hold a by-election there. He is a successful businessman and had been was president of Karachi Chamber of Commerce and Industry (KCCI) from 1987 to 1988. He was president of Aiwan-e-Tijarat-o-Sanat Hospital from 1998 to 1999. He represented Pakistan at the 7th General Assembly and 12th Executive Committee of the Islamic Islamic Chambers of Commerce in Cairo.
In general elections 2013, he was among very few politicians of business background contesting and defeating successfully in a rural dominated constituency the traditional feudal families having political influence since decades in rural areas including Zulfiqar Ali Shah of PPPP and Syed Inayat Ali Shah former PPPP MNA who was this time PTI candidate.
He holds Chief Executive Officer office of numerous established joint ventures with multinational namely Qaiser LG Petrochemicals (Pvt.) Ltd., a chemical manufacturing company, producing Di Octyl Phthalate (D.O.P) and Butyl Acetate in collaboration with LG group, a multinational conglomerates of South Korea.
Qaiser Noman Bernas (Pvt.) Ltd. with Bernas, a semi government Malaysian company having exclusive right to import rice in Malaysia. Qaiser Noman Bernas (Pvt.) Ltd., received export trophies awards from president of Pakistan/Prime Minister of Pakistan for Five consecutive years from 2000 to 2004. LG and Bernas were motivated to bring foreign investments to establish chemicals and rice plants in Pakistan in partnership.
Qaiser Brothers (Pvt.) Ltd. Established in 1967, is a business firm doing international trade
Gadoon Industries (Pvt.) Ltd is a plastic sheets/bags manufacturing industry