LAHORE: Highlighting the immense economic challenges faced by citizens, including a 60% inflation spike over the past 2.5 years, Nazir Hussain, President of the Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI), emphasized the need to resolve the recent Rs 180 billion tax shortfall without imposing additional burdens on the public.
Speaking at a think tank session on Friday, Hussain advocated for comprehensive taxation reforms targeting policy weaknesses and focusing on “abnormal profits” in protected sectors. Such measures, he said, would ensure equitable tax distribution while fostering sustainable economic growth.
Brig Mansoor Saeed Sheikh (Retd), Senior Vice President PCJCCI, lauded the prime minister’s incentive package for its potential to boost economic growth by encouraging agricultural, industrial, and commercial activities through discounted electricity rates. Commercial consumers will see discounts of 34-47% on incremental usage, with base rates ranging from Rs 39.53 to Rs 48.78 per unit and incremental rates set at Rs 26.07 per unit.
Zafar Iqbal, Vice President PCJCCI, welcomed the energy relief but suggested a broader reduction of Rs 12 per unit across all consumer categories—residential, commercial, industrial, and agricultural—applied to total consumption rather than incremental usage.
Salahuddin Hanif, Secretary General PCJCCI, proposed finalizing the capacity payment agreement on a take-and-pay basis by December 31, 2024. He stated that this strategy would stimulate economic growth and encourage additional consumption across sectors at reduced costs.
The session underscored the importance of balanced tax policies and affordable energy to ensure economic stability and relieve financial pressures on the nation’s citizens.
