Industrialists and businessmen have termed the budget 2005-06 as business-friendly, while there were mixed reaction from the salaried class. Talking to Business Recorder, a number of businessmen expressed their satisfaction over the relief given to importers, exporters and industrialists. Islamabad Chamber of Commerce and Industry (ICCI) president Arif Sadiq said the budget was encouraging for business sector, as a number of relief packages have been announced for the business community, particularly reduction in duties on various items.
He also welcomed the reduction in the customs duty on the import of machinery, adding that it would encourage not only industrial activities but would also help produce competitive goods.
Talking about reduction in the duty of plastic, he said it would also have positive impact on industrial product and their competitive prices.
When he was asked about the reduction of duty on the import of car up to 1500cc, 1501cc to 1800cc and above 1800cc by 50, 65 and 75 percent, respectively, he said it would be a welcoming step for general public and end monopoly of local car producers.
While some businessmen opposed the 0.1 percent withholding tax on withdrawal of amount from banks exceeding Rs25,000. They were of the view that it would encourage cheque transactions to avoid the withholding tax.
Giving his views on budget 2005-06, a farmer from Punjab said reduction of 5 percent on urea and 5 percent on the import of tractor would encourage the agriculture sector productivity.
There were also mixed views on the raise in salaries, as most of the salaried class said the government once again disappointed them by increasing salaries less than the estimated inflation in the country.
A schoolteacher said hardly Rs300 to Rs400 could be added after current increase, while his expenditure is increasing more than Rs1000 every year due to continuos consumer price hike.
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