KARACHI, Feb 11: A proposal has been given to Securities and Exchange Commission of Pakistan (SECP) to make legislation binding the corporate sector to disclose the utilization of the charity fund.

This was stated by Prime Minister’s Adviser on Finance and Economic Affairs, Shaukat Aziz while addressing a seminar on “Corporate Philanthropy for Social Investment in Pakistan” organized by Pakistan Centre for Philanthropy (PCP) here on Tuesday.

“In other parts of the world, people are open to disclose charities proudly. But here the trend is different,” he said.

Aziz said government could also consider a proposal to impose 1 per cent tax on pre-tax profit of the corporate sector, which could be utilized as a philanthropic fund for the poor people.

He said there was need for private-public partnership for socio- economic uplift of the majority of the poor masses of the country.

“We should also think for the people who are less fortunate and even our religion Islam teaches us the message of sharing and giving.”

He said poverty was a major challenge being faced by the world today and the prevailing feeling of deprivation had always adverse and extreme reaction on the society.

The Adviser to the Prime Minister said that there was a social gap in the country.

Referring to the World Economic Survey, he said 52 per cent of the people were skeptical about the value of large corporate sector. “There is need to re-establish trust between corporate sector and the masses.”

He said although provision of basic facilities was responsibility of the government, the non-governmental organizations should also come forward and play their important role in socio-economic development of the poor.

Shaukat Aziz said government has recently revamped the Zakat system and gave funds to the needy of the rural areas in particular so that they could earn living for themselves.

Similarly, he said on the directives of Prime Minister Mir Zafarullah Jamali, a Liver Transplantation Centre was being established at Civil Hospital, Karachi.—APP