HYDERABAD: President Hyderabad Chamber of Commerce and Industry Adeel Siddiqui has said that present federal government had offered big relief to industrial sector by levying no new taxes which were otherwise being anticipated in view of present trying times.
In his statement on federal budget 2023-24 here Saturday he also agreed with the government’s view of preferences determined in the budget. He said that these priorities were in larger interest of people. He termed present budget as a balanced one.
HCCI Chief said that economic conditions were not hidden from anyone and business community had feared that corporate, trade and industrial sectors would face difficult conditions in upcoming budget once again. He hailed concessions and exemptions given in the budget for industry, exports, imports, agriculture, IT, SMEs, construction and solar energy.
Siddiqui termed PM’s youth business loan was need of the hour which would enable youths to become entrepreneurs. He said that government had taken responsibility of 20pc risk cover in loans. He however, expressed concern over budget deficit of Rs 7,500bn due to markup on debt servicing. He said that this deficit was highest in the country’s history.
Adeel Siddiqui stated that Federal Board of Revenue (FBR) now faces tough target of Rs 9,200 revenue collection. He believed that government would have to face problems in the days to come. He said if FBR officials were given more powers for tax recovery the industrial and trade activities would be affected.
HCCI Chief also called for review of 0.6pc withholding tax on cash transaction considering the fact that the idea didn’t work in the past. He said that defence budget had been cut at Rs 1800bn but government didn’t slash its own expenditures and raised employees’ salaries and pensions.
He said it would have been better had government reduced its own expenditures and diverted concessions to industrial sector which would helped overcome worsening economic conditions. He said it was time that International Monetary Fund should listen to government which had complied with its conditions. He said Pakistan government had met its conditions to appease it but the international lender had been unfair with people of Pakistan. He said that IMF should help Pakistan in these testing times to enable the country revive and stabilize the economy.
Copyright Business Recorder, 2023
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