Business community terms federal budget as balanced

LAHORE: Lahore Chamber of Commerce & Industry (LCCI)  on Tuesday termed Federal Budget 2019-20 as balanced despite economic hardship.

Addressing a media conference after the federal budget speech  here at Lahore Chamber, the LCCI President Almas Hyder, who was  flanked with the Senior Vice President Khawaja Shahzad Nasir and  Vice President Faheem-ur-Rehman Saigal, said that various proposals  of Lahore Chamber of Commerce & Industry had been accepted in the  federal budget.

Former LCCI Presidents Iftikhar Ali Malik, Mian Anjum Nisar,  Shahid Hassan Sheikh, Muhammad Ali Mian, Malik Tahir Javed, former  Senior Vice Presidents Irfan Iqbal Sheikh, Mian Tariq Misbah, Amjad  Ali Jawa, Kh. Khawar Rasheed, former Vice Presiden Zeshan Khalil  and Executive Committee Members were also present on the occasion.

Almas Hyder said that zero-rate of duties on 1600 items including  raw materials would reduce the cost of doing business.

Terming it a  very good step, he mentioned, it was a joint proposals of all Chambers  of commerce & Industry of the country. He said that after good reforms, current account deficit would be reduced from $ 12 billions to $ 7 billions, adding that government had allocated collectively Rs. 100 billions for dams/water projects that  showed the seriousness of present regime and it would help get rid of  water scarcity and also generate cheap hydel power.

LCCI President said that privatization of loss-making public sector enterprises was a good step as these were eating-up huge money of the taxpayers. He also lauded increase in minimum wages, crops insurance  and cut in salaries of the cabinet.

He said that government should ensure early payment of refunds  as delay was not only causing hardship to the business community but  also promoting trust deficit. He said that Assets Declaration Scheme  was idea of the Lahore Chamber of Commerce & Industry and business community must avail this opportunity.

He said that vehicle prices would go up after increase in federal excise duty on vehicles that would affect auto industry development  plan.

The LCCI office-bearers said that government would have to make exceptional efforts to achieve the economic targets set for the next financial year.

They said that tax revenue target of Rs. 5550 billion was set for the next financial year and to achieve this huge target, government would have to facilitate the trade and industry, taxpayers besides focusing on broadening of tax base.