LAHORE: The Punjab government is expanding sales tax and property tax net for increasing its own resources, while the Punjab Revenue Authority has introduced a transparent system of receipt of revenues which has substantially increased the receipts.
This was stated by Provincial Minister for Finance Dr Ayesha Ghaus Pasha, while addressing a seminar on “CFO Summit 2016” held under the aegis of Institute of Cost & Management Accounts Pakistan.
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The minister said that the role of Chief Financial Officer has not been limited to the supervision of financial matters and controlling irregularities in the institutions but the credit of positive changes in trade system and reorganization of the institutions also goes to them. She said that ICMA is rendering best services in this regard and a large number of financial experts are proving their metal in public and private sectors.
The minister said that non-availability of jobs to the youth according to their educational qualifications is the big hurdle in the development. She said that the main reason is lack of such skills as are demanded in the market. She said that harmonizing our youth according to the demands of present era is vital for increasing the growth rate and reducing the poverty ratio as we cannot afford to destroy the future of our more than half population.
Dr Aysha said that besides vocational training, special attention will also be paid to the education, agriculture and health sectors. She said that Punjab is an agrarian province and its development depends upon agriculture, therefore, the government is brining best package for farmers which will not only redress their problems but will also increase resources so that they could produce best production and play their role in enhancing growth rate of Punjab.
She added that Urban clusters can serve as engines of economic growth and provide employment to labour force if their potential is fully developed. It is also important because now urban centres house more than 40% of the total population of the province, she said, adding in order to develop potential of urban clusters, the government needs to improve mobility and provide low cost housing, clean drinking water and sanitation. Therefore, priority is also being given to funding projects in these areas. Prominent among these are mass transit facilities, low cost housing schemes, drinking water supply schemes and sanitation facilities in urban cluster, she added.
Standing Committee National Assembly for Finance Chairman MNA Qaiser Ahmed Sheikh said that debt servicing eat up a whopping share of the current revenues. In spite of the fact that a lot of funds are arranged through deficit financing, still a very little is left for development and revenue expenditures, he said, adding that the government is alive to the deteriorating state of affairs and is in the process of taking a number of measures to put our financial and fiscal house in order.
The need for evolving a national roadmap for countering Pakistan’s Challenge and problems is more than ever now. All segments of the society should play their role for elimination of the terrorism and extremism and solution of other problems. War against corruption and terrorism will have to be won for the survival, he added.
Motivational Speaker Tanzeela Khan, former ICMA Pakistan Vice President Mohammed Hanif Ajari, Serena Hotels (South & Central Asia) CEO Azizudddin S Boolani, Rafhan Maize Products Co Ltd Executive Director Dr Abid Ali, Telenor CEO Michael Patrick Foley and NBP Fullerton Asset Management Ltd CFO Khalid Mehmod also presented the paper on this occasion.
