BHURBAN DECLARATION 2012

By

The Presidents of All Pakistan Chambers of Commerce & Industry

30th & 31st January, 2012 Bhurban

Convened by

The Rawalpindi Chamber of Commerce and Industry

In collaboration with

Center for International Private Enterprise

To discuss the Economic Road Map for the Country

Considering the impact of ENERGY DEFICIT and its implications on national economy with possible short and long term solutions. Identifying and analyzing issues directly or indirectly confronted by the Tax Payers and to discuss the required TAX REFORMS Initiative to work out CORRUPTION from government sector State owned ENTERPRISES, the liability over the economy Business cults on grounds of liberalization and facilitation with a view to make India the MOST FAVORITE NATION for Pakistan.

We, The Presidents of All Pakistan Chambers jointly declare that the following steps should be taken for the economic uptake of the country, known as Leading towards Economic Road Map

Business community unanimously declared that the chambers will support only those political parties that can provide with a comprehensive ECONOMIC REVIVAL PLAN for Pakistan. Energy Reforms:y y y Immediate arrangements should be made to ensure uninterrupted electricity supply to the industry including captive industry. Govt. should make al efforts to provide the natural resources to the countrys industrial sector without any discrimination. POL prices may be rationalized keeping in mind the best interest of nation and business community as it directly hampers the cost of doing business in Pakistan. Budget should be separately allocated for the energy production in the federal budget The mismanagement in energy sector specifically related to the circular debt requires immediate attention of Government of Pakistan. Energy Security plan must be formulated to resolve energy crisis on priority basis and it must be based on nuclear, hrdro, thar coal and thermal resources In order to attract new investment in the generation of alternative energy loans may be advanced on soft terms. Private sector should be empowered for the production and distribution of electricity through corresponding policies.

y y y

y y y

Tax Reforms:y y y y y y y y SRO 821 has to be abolished immediately being not practicable and implementable at all Processes should be simplified enough so that common businessmen may understand the system. Tax base may be increased by adding new sectors instead of increasing the tax rate. The problems with Form D in income tax return should be resolved with immediate effect. Afghan refugees should be brought into tax net The base of direct taxes may be increased as compare to indirect taxation. All provinces should tax agricultural income. All sectors should be taxed as per their percentage contribution to the national GDP.

y y y

NTN should be a compulsion for all the municipal facilities which can increase the tax base. The tax audit if required should not be conducted for more than three previous years; the initiative should be assured through legislation. Tax policies should be framed for at least 5 years.

Corruption:y y Chambers demanded Civil Service Reforms report to be implemented, by Dr. Ishrat Hussains commission. Any permission required from the public sector should have time bar of 60 days in order to avoid embezzlement and corruption

State Owned Enterprises:y Chambers welcome forming of task force on Corporate Governance for State Owned Enterprises and look forward to receiving a draft report for comments.

MFN Status to India:y y Most Favored Nation status to India may be awarded after giving due consideration to the interest of the local manufacturing sector. The upcoming agreements (customs, certifications, visas) with India may be reviewed by the business community.

NAMES
Mr. Jawed Akhtar Bhatti The Rawalpindi Chamber of Commerce & Industry

SIGNATURES

Haji Ghulam Ali FPCCI

Mian Abrar Ahmed Karachi Chamber of Commerce & Industry

Mr. Irfan Qaiser Sheikh The Lahore Chamber of Commerce & Industry

Mr. Asad Fareed Islamabad Chamber of Commerce & Industry

Mr. Zia-ul-Haq Sarhadi Khyber Pakhtunkhwa Chamber of Commerce & Industry

Mr. Tariq Mehmood Attock Chamber of Commerce & Industry

Mr. Safdar zaman Shah Haripur chamber of commerce & Industry

Hafiz Mohammad Shoaib Mardan Chamber of Commerce & Industry

Mr. Waqar Ali Sandhu Rahim Yar Khan Chamber of Commerce & Industry

Mr. Mazhar Ahmed Malik Sargodha Chamber of Commerce & Industry

Mr. Amjad Nazir Butt The Sheikhupura Chamber of Commerce & Industry

Mrs. Kokab Parveen Central North Punjab Women Chamber of Commerce & Industry

Ms. Naima Ansari Islamabad Women Chamber of Commerce & Industry

Sheikh Mughees Ahmed Jhang Chamber of Commerce & Industry

Sahibzada Abdul Qudoos Chakwal Chamber of Commerce & Industry

Ch. Shafqat Rasool Okara Chamber of Commerce & Industry

Mr. Naeem Anwar Qureshi Sialkot Chamber of Commerce & Industry

Mr. Muzammil Sultan Faisalabad Chamber of Commerce & Industry

Ch. M. Hussain Zahid Sahiwal Chamber of Commerce & Industry

Mian Anis Ahmed Sheikh Multan Chamber of Commerce & Industry Mirza Muhammad Mushrtaq Gujrat Chamber of Commerce & Industry