Pakistan needs massive industrialisation

• News By : Web Desk
• 2022-06-22 13:03:41

Malik Hassan Ali
Lahore: 22 June 2022: Pakistan needs massive industrialization, there is a need to setup small factories in each and every household. There should be full tax exemption and massive relaxations in utility bills for atleast an year for those who want to setup small scale cottage industrial setups at their homes, so they can build a strong foundation. An year is enough to setup a profitable thriving industrial unit. Once it becomes profitable after an year then taxes should be imposed and commercial bills should be charged.
This will have multiple benefits, significant decrease in unemployment, increase in production of domestic products that will decrease import and increase export bill, and rise of new Pakistani brands that will compete internationally for consumer market along with promotion of soft image of Pakistan. Also gradual deferred taxation will slowly but surely add to revenues of government, as this mode of taxation will be business friendly. Most of the people who want to do small scale business are reluctant to do it because of current aggressive tax regime which enhances cost of doing business exponentially, this is also one of the factor of tax evasion as well, as a businessman who thinks a particular tax system to be unjust will try to evade it.
But tragedy is that it was neither the priority of current government nor the previous one, both have done absolutely nothing significant in this domain. It is the need of the hour that saner elements and supporters of these political parties should pressurize leadership of these parties to take practical steps in this direction as it is a matter of survival for the nation and prosperous future of the nation will depend on it.
Malik Hassan Ali

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