KARACHI - The Institute of Institute of Cost and Management Accountants of Pakistan (ICMAP) has proposed a complete ban on the import of luxury cars in the coming budget.
In its budgetary proposal for 2009-10, the ICMAP suggested that luxury cars having 1600CC or above capacity should be banned while a ban should also be announced on the purchase of cars by the government for five years. The ICMAP has submitted a set of proposals to the federal government this week.
According to ICMAP, the defence expertise should be utilised for the uplift of civil society in respect of health, engineering and agriculture sector to boost the economy. It stressed increase in dependency on agriculture sector, unutilised agricultural land to be given on short period lease to the group of people with agriculture background for cultivation.
The institute further proposed that the government-run schools should be developed on modern lines to improve the education system and the standards. Manufacturing should be encouraged instead of trading business based on imports; all support should be given to the industrial sector to avoid slowdown and complete halt in the sector while in addition to catering high cost of production, provision of utilities (gas, electricity) should be made efficient and uninterrupted.
ICMAP further said that a medium to long term policy framework for the development of the manufacturing sector should be prepared. For proper identification of industries the country should and can concentrate, based on its economic fundamentals and then a facilitation process be implemented through cascading of duties to be levied for the same while documentation of economy by compulsory issue of receipt for every transaction made by any business.
Tax net to be broadened, no new tax should be levied on the existing tax-payers; rather taxing those who are earning well and are still out of tax net and industrial development banks must be encouraged to support the industrial sector instead of commercial banks that are focused in consumer finance, it said. The trade development authority be given targets to find out new avenues for boosting our exports, curb smuggling of tyres & tubes and electronic items by various measures including reduction in high tariffs.
In its budgetary proposal for 2009-10, the ICMAP suggested that luxury cars having 1600CC or above capacity should be banned while a ban should also be announced on the purchase of cars by the government for five years. The ICMAP has submitted a set of proposals to the federal government this week.
According to ICMAP, the defence expertise should be utilised for the uplift of civil society in respect of health, engineering and agriculture sector to boost the economy. It stressed increase in dependency on agriculture sector, unutilised agricultural land to be given on short period lease to the group of people with agriculture background for cultivation.
The institute further proposed that the government-run schools should be developed on modern lines to improve the education system and the standards. Manufacturing should be encouraged instead of trading business based on imports; all support should be given to the industrial sector to avoid slowdown and complete halt in the sector while in addition to catering high cost of production, provision of utilities (gas, electricity) should be made efficient and uninterrupted.
ICMAP further said that a medium to long term policy framework for the development of the manufacturing sector should be prepared. For proper identification of industries the country should and can concentrate, based on its economic fundamentals and then a facilitation process be implemented through cascading of duties to be levied for the same while documentation of economy by compulsory issue of receipt for every transaction made by any business.
Tax net to be broadened, no new tax should be levied on the existing tax-payers; rather taxing those who are earning well and are still out of tax net and industrial development banks must be encouraged to support the industrial sector instead of commercial banks that are focused in consumer finance, it said. The trade development authority be given targets to find out new avenues for boosting our exports, curb smuggling of tyres & tubes and electronic items by various measures including reduction in high tariffs.
