Federation of Pakistan Chambers of Commerce and Industry's (FPCCI) president Mian Mohammad Adrees has severely criticized the federal budget's proposals. He said that the government instead of declaring all the five export-oriented sectors as zero-rated has further burdened these sectors by enhancing their sales tax rate. He was speaking at a news conference along with the FPCCI's senior vice president Zubair Tufail at the Federation House.
Other office-bearers of FPCCI, including Abdul Rahim Janoo, Muhammad Waseem Vohra, Muhammad Ikarm Rajput, Dr Ayub Maher, were also present on the occasion. He said that the FPCCI-member organizations have also expressed their serious reservations over the budget 2015-16.
He, however, conceded that about 20 per cent proposals of the FPCCI have been incorporated in the budget and these include package for Khyber Pakhtunkhwa. He said that although the government has announced a package of Rs 64 billion for the textile sector, it could only be utilized when the sector's units remain operative. He said that the business community was expecting that the government may announce tax amnesty scheme. The FPCCI chief urged the government to take steps aimed at increasing large manufacturing sector. He said that it seems as if the tax has been imposed only on those who were already paying taxes. Mian Adrees said that the budget proposals focused on documentation of the economy through harsh measures, whereas incentives have been given only to agriculture and construction sectors.
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