Govt should announce interest free loans to SMEs in Energy Sector – Waliullah Khan
Govt revenue can be multiplied through policy implementation in true spirit
By Asif Shaikh
Country’s prominent tax expert and CEO, SMEBS, Waliullah Khan has called upon the government to implement its tax policies in true spirit in order to multiply its present level of revenue collection. He believes that without projecting SME sector, the economy will not grow.He striving hard to bring investments in Energy sector from China has called for In an exclusive interview with the Energy Update he continues to say that……………
Q: As you are catering to the Small and Medium sector, what services you offer to them?
Waliukkah Khan (WK): We serve business sector in all legal matters most specifically Accounting, Taxation, Corporate affairs, intellectual property rights & other related matters whenever & wherever required. We also make feasible for SME’s to acquire loans from financial institutions.
Our aim is to serve Pakistan, but our biggest challenge is our economy, we are taking initiatives with true spirit of patriotism, in this journey, we are associating a big team and inviting educated, talented young Pakistanis who also can work with us with patriotic essence and become the part of successful team.
Q: What is your plan to promote Business sector in Pakistan?
WK: We have high goals to promote business sector, in which we are making a huge team all over the country to facilitate the investor , we have plan to open unique system of franchise, across the country, by the help of this system , we can easily assist not only urban cities as well as the rural cities of Pakistan, there is huge investment waiting, as we know, there are many of Pakistanis who have interest to invest in corporate sector, due to distance hurdles and complications of communication they do not have courage to join corporate sector or form a company….
We are actually forming the bases of business in the shape of helping hands, initially whatever the steps to be taken by the growing up company, we facilitate all of the issues so that legally a new born company i.e. SME’s makes its status high.
Q: Do you think that your Corporate sector can bring the country out of the red in given circumstances?
WK: SME sectors have potential to contribute massive amount in Pakistan’s GDP. In developing Country like Pakistan, small and medium businesses played a vibrant part in enhancing economy. The growing tendency of SME’s structures will direct impact on economy & manipulating large investment from all over the globe.
Q: Do you think that government is giving required attention to the SME Sector?
WK: As far as government is concerned, there are various scheme and plans from the government side but the darkest aspect of our country that the execution is not successful, that is how we, with the collaboration of government sector want to improve the circumstances.
Previously SME sector was neglected by the government, whereas, governnment has introduced many incentives for cottage industry regarding taxes waivers but other factors are still require attention. It is the prime responsibility of the government to facilitate & offer feasible environment to SME sectors by means of developing intellectual infrastructure i.e. land should be allotted to the SMEs at concession and on installments or funding to develop equity capital. Notwithstanding the facts that once, SME sector become steady in a country it is easy to capture world business more effortlessly & economy will be improved in the same manner.
Q: Due to what measure government can multiply its current level of revenue and enhance tax net?
WK: Government can multiply its current level of revenue and enhance tax net by implementing existing policies in a proper manner. Government has to introduce various immunity schemes in favour of increased taxes as compare to previous year to give relaxation with Income Tax Audit. However, the more important thing is that Govt. should clean internal corruption within the department & to organize different training programs internally for department officials. Individuals should get incentives from the taxes which they paid as a taxpayer to Government, whereas, proper accountability or check & balance should be made & disclosed publically.
Q: Did you prepare any comprehensive suggestions for the government to incorporate in forthcoming federal budget?
WK: In forthcoming budget, government should focus neglected sectors like SME’s. Government should introduce interest free loan program
for SME’s. Make relaxed policies of registration of business with FBR most specifically for Sales Tax. Provide extra incentive for manufacturing companies who are willing to take initiative in making products which are not locally produced in Pakistan with respect to taxes & duties. The implementation of tax exemption certificate should be appropriately done. IT department of Pral should respond unresolved queries in a swift & prompt manner.
Q: Please give some detail of yours and your company’s profile?
WK: SME Business Solutions Limited is a leading Company offering World’s Best Law Consultancy Services. The word SME is the abbreviation of Small Medium and Entrepreneur. The Company has been dynamically operated in global specified field for last couple of years. SME is a limited liability Company by shares and Registered with The Securities and Exchange Commission of Pakistan (SECP) pertaining Corporate Universal Identification Number 0077122.
We strive for excellence in every aspect of our business. We don’t only aim to meet quality standards; we also endeavor to surpass them. Our firm belief is that our excellence is enhanced by the dedication and commitment of our people.
Presently SME have around bunch of clients from all over the World. As maintained an enormous position in advisory services by means of highly professional & proficient team of Taxation, Accountancy & secretarial services & after considering the demand of SME valuable services it’s looking to extend its professional services in overall the world more over we provide the opportunity of employment in our company, hence,
The SME Business Solutions Limited, is an open door company for each individual employee and we value with respect for who they are as a person and what they bring to the organization, we hire on merit, skill, and ability without any discrimination, we fascinate educated, talented male and female from all over the country, we facilitate our employee and provide such comprehensive environment of work, where, a bright career is guaranteed.
Q: Any other plan or message for the young generation you want to disseminate?
WK: Youth is an asset of our country. The prime focus of youth should be an education because only education can make a difference in the world of technology & business. The productive work can only be performed with passion & morality. The key of success in profession is to work with loyalty, genuineness & scrupulously which make individuals to the height of success & the success of youth is undeniably a country’s success.