President Sialkot Chamber of Commerce and Industry (SCCI) Sheikh Abdul Majid on behalf of business community has hailed the Federal Budget 2013-14 and termed it revenue generation focused budget. Talking to media here on Thursday evening, he said that overall the budget is very comprehensive but he pointed out few developments which might create grave problems for export-oriented businessmen and industry of Sialkot.
The SCCI President urged upon the government to save our exporters by suitably amending the SRO 98 and SRO 505 by excluding "Exporter" as category of withholding agent. He suggested that Clause (f) inserted by SRO 98 in SRO 660(I)/2007 shall be deleted and words "other than exporters" be added at the end of clause (d) of said SRO 660.
On the point of income tax exemption on import of raw material for manufacturing of goods for export, he said that no mechanism has been provided in this budget for issuance of exemption certificate for import of raw material used for manufacturing of goods for export. He also raised his suspicion on the new development of providing discretionary powers to Commissioners of audit and such powers have always been misused in the past. He also expressed his concern over the decision to make wealth statement mandatory for every individual and doubling of minimum tax rate.
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