software-driven IT industry of Pakistan is slowly coming out of the
shadows of that fateful September day last year. The challenges thrown
can be termed as a blessing in disguise to give the much needed time
to the industry to take a long hard look inwards, assess its visible
weaknesses and inherent strengths and to keep moving forward in search
of better tomorrow.
Central Board of Revenue (CBR) has finally crossed the psychological
revenue collection barrier of Rs400 billion. The year's total revenue
collection of Rs401 billion is Rs8 billion higher than the collection
of Rs393 billion during previous fiscal year.
Tax experts, while analyzing the situation, said that the most
surprising feature of the economic numbers was the resilience
displayed by the manufacturing sector under volatile conditions. Large
scale manufacturing during the first nine months of the year grew by
3.2 per cent while the government of Pakistan estimates that it will
grow by 4.4 per cent for the full fiscal year.
Rs 15 billion per annum market mostly remains untapped due to limited
availability of funds and inadequate foreclosure law. As the GoP aims
at privatizing state-owned enterprises, HBFC has to be sold out to
private sector one day. It is the time to encourage private sector to
establish housing finance companies.