UBG seeks viable budget proposals from business community

• These proposals aiming at to ensuring growth-oriented and business-friendly environment to boost the economic activities during coronavirus pandemic.
• He said they would demand duty on primary raw materials, secondary raw materials, intermediate goods, semi-finished goods and finished goods should be levied on the basis of cascading duty structure.
• The budget for the upcoming fiscal year would also feature a balanced tax collection approach and the government would adopt a strategy for documentation of economy.
• He said Prime Minister Imran Khan had to focus on enhancing business relations with other countries as no country in the current era could progress on its own.

ISLAMABAD: Central Chairman United Business Group (UBG) Iftikhar Ali Malik Friday sought viable proposals for budget 2020-21 from business community across the country for timely submission to the federal government.

These proposals aiming at to ensuring growth-oriented and business-friendly environment to boost the economic activities during coronavirus pandemic.

Talking to a delegation of leading importers and exporters led by Waseem Ullah Anjum Arain, he said Pakistan was passing through ordeal due to coronavirus pandemic and at this uncertain time, business community should come forward with a clear vision to come out of the quagmire of this crisis.

In this regard, they should make proposals which help the government to revive the economy through upcoming budget 2020-21, said a press release issued here.

He said the private sector wanted to supplement the government’s efforts, aimed at economic revival of the country, adding that joint proposals would help make budget document business-friendly, which would ultimately result in a robust export-led growth.

He said they would demand duty on primary raw materials, secondary raw materials, intermediate goods, semi-finished goods and finished goods should be levied on the basis of cascading duty structure.

Iftikhar Ali Malik urged the government to focus on ease of doing business in the upcoming budget, which would attract the much-needed investment to trigger economic growth in the country.

The government is highly appreciative of the contribution of the traders and the business community towards strengthening the economy and promoting tax culture, he added.

He further said the government should increase the budget of health sector in the wake of coronavirus outbreak.

He said that all the taxes imposed on health products and services should be waived so that masses could access the same.

He also demanded the government that FBR should establish a special cell to study the impact of the virus on businesses and taxpayers.

The findings should be used to finalise a corona response package to stimulate the economy, he added.

Iftikhar Malik said in the previous budget, the PTI government had taken austerity measures, adding that there still was a need that expenditures were made in a better way to ensure that the public money was not wasted.

“Now public money would be spent in a way so that the sufferings of the troubled people are mitigated. It is a big principle of the economy that through government expenditures, money comes in the hands of people which helps generate economic activities and job creation and helps in tackling the recession.”

He said the budget for the upcoming fiscal year would also feature a balanced tax collection approach and the government would adopt a strategy for documentation of economy. However, it would not be so strict that it results in the suffering of businesses.

He said Prime Minister Imran Khan had to focus on enhancing business relations with other countries as no country in the current era could progress on its own.

He also underlined the need for enhancing exports, reducing imports, and also giving incentives to the expats to invest in Pakistan.