HYDERABAD: The office-bearers of Hyderabad SITE Association of Trade and Industry (HSATI) have termed the budget as traders-friendly in wake of current situation of Covid-19, however they expressed fears about expected price hike as a result of proposed indirect taxes for revenue generation.
In a statement, Chairman HSATI Parvez Faheem Noorwala, Patron-in-Chief Mazhar-ul-Haq Chaudhry, former chairman Shahid Qaim khani and other office-bearers said that proposals of reducing annual turnover tax from 1.5 percent to 0.25 percent and other incentives including the ratio of taxable amount and provision of interest-free loans to SMEs would help to activate the SME sector and reduction of unemployment rate in the country.
Similarly, they said that proposals of reducing the taxes on locally manufactured trucks, tractors and motorcycles, federal excise duty up to 850 CC cars and 17 percent sales tax to 12.5 percent would also strengthen the local automobile industry.
The announcement of relief in banking sector would also facilitate in enhancing the investment in the country and bringing more persons into the tax net would also strengthen the economy of the country, they said and added that these incentives could help in achieving nearest slot of the target of 4.8 percent GDP, set by the government.
The people particularly the business communities were waiting since long for such type of budget which announced by the present government under difficult circumstance, they said and added that implementation of the proposals of budget could help the country to enter into a new era of progress and prosperity.
Copyright Business Recorder, 2021
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