Stop corruption instead of increasing tax: KATI

KARACHI: Patron-in-Chief KATI, SM Muneer, Chairman, Mohammad Zubair Chhaya, President, All Karachi Industrial Alliance, Mian Zahid Hussain, and Vice Chairmen, Najmul Aarfeen and Niaz Ahmed has demanded of government to take measures to stop corruption instead of increasing tax burden on businessmen and the people.

SM Muneer said that we should avoid as much as possible taking loans from international financial institutions as repayment of loans on tough terms and conditions cast negative results on the economy of the country.

They demanded to privatize those government institutions which are burden on the economy of the country and if this is not possible then private sector should be inducted in the management of PIA, Railway, Steel Mills & WAPDA to bring financial discipline in these institutions.

He further said that Prime Minister Nawaz Sharif and his cabinet are fully aware about the worst situation of law & order along with energy crises. He appreciated Federal Minister for Finance, Ishaq Dar for payment of Rs.300 billion for reducing energy crises and it is hoped that production will be increased from1500 to 2000 mega watts Chairman, Mohammad Zubair Chhaya said that it is imperative for economic growth to say good bye to IMF and rely on our resources. Due to repayment of loans to international financial institutions our business activities are badly affected, he added.

President All Karachi Industrial Alliance, Mian Zahid Hussain, expressed his serious concern over increase in the volume by over Rs one billion of nonperforming loans by commercial banks. He said if we follow the terms of international financial institutions then volume of nonperforming loans will be increased. He further said that increase in electricity, gas, petroleum products will add difficulties and due to tax burden it is difficult to achieve economic targets.

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