Vovalom news blog

ponedjeljak, 15.06.2009.

Pakistani expatriates say budget leaves them out

Overseas Pakistanis are disappointed with their government for completely ignoring them in the federal budget for the fiscal year 2009-10, starting from July 1.

"There was no mention of overseas Pakistanis in the budget, not even a word of thanks for remitting more than $6 billion [Dh22 billion) the highest level of remittances sent through banking channels in one year," said Mohammad Nafees, Chairman of the Pakistan Chartered Accountants Forum in Dubai.

He noted that overseas Pakistani do not exist in the Pakistan budget even after contributing such a significant amount which is about 50 per cent of the total foreign earnings of the country.

"Had the overseas Pakistanis not remitted over $6 billion, the current deficit of over $12 billion would have rapidly increased the burden on foreign loans," he noted.

Pakistan announced a budget of $35.8 billion. According to Nafees, the budget was presented in the background of the global economic crisis, internal unrest, suicide attacks and the military operation against Taliban militants, which have adversely affected Pakistan's economy.

In these circumstances there seems to be no will or desire by the Government to take any new steps to increase the tax base.

Kaiser Ghuman, a Sharjah-based businessman, said that overall it was a good budget, but the government should have given some incentives to the overseas Pakistanis who have been remitting their hard-earned money.

"It is unfortunate to note that they have been ignored once again," he noted. He said that the government should have also earmarked additional funds for the military who are fighting militants.

Dr Qaiser Anis, President of the Pakistan Business Council in Abu Dhabi, noted there is no encouragement for foreign investors in the budget.

"But the government has taken some good steps for the industrial sector. Establishing special economic zones will boost industrialisation, but the initiative should be promoted abroad to attract potential investors," he added.

He said that tax net should be expanded to collect from those who are earning but not contributing in order to compensate for the limited resources.

Dr A. Hadi Shahid, a chartered accountant noted: "The Pakistan government budget for 2009-2010 is not beneficial to the economy. Taxes are reframed and rephrased. New taxes are levied and subsidies withdrawn. The people of Pakistan need a revolutionary budget."

Shabir Merchant, a prominent businessman in Dubai, said that the government should have given some incentives to foreign investors, especially Pakistani businessmen abroad.

"Ignoring overseas Pak-istanis will not be beneficial for the government because they are the ones who will always bail out the country from economic crisis by sending remittances," he noted.

Merchant said that the major risk in this budget is foreign funding. "We have heavy reliance on that, but if that is delayed or does not go through, there is no fall-back solution."

- 11:52 - Komentari (0) - Isprintaj - #

<< Arhiva >>

Ovaj blog je ustupljen pod Creative Commons licencom Imenovanje-Dijeli pod istim uvjetima.

	lipanj, 2009
P	U	S	Č	P	S	N
1	2	3	4	5	6	7
8	9	10	11	12	13	14
15	16	17	18	19	20	21
22	23	24	25	26	27	28
29	30

Vovalom news blog

ponedjeljak, 15.06.2009.

Pakistani expatriates say budget leaves them out

Opis bloga

Linkovi