PESHAWAR: Business community here on Friday termed the federal budget for fiscal year 2021-22, as a 'balanced', 'growth-oriented' and 'pro-businesses', asking the government to implement 'relief initiatives' with true letter and spirit to revive covid-19 hurt national economy, businesses and industries.

Addressing a news conference after presentation of federal budget for FY 2021-22 here, president of Sarhad Chamber of Commerce and Industry Sherbaz Bilour said that the government has presented a 'growth-oriented' and 'business-friendly' budget for the next fiscal year, which can give boost to businesses and industrialization, and create jobs in the country.

He welcomed the abolishment of Federal Excise Duty (FED) from erstwhile Federally Administered Tribal Areas (Fata) and Provincial Administrative Tribal Areas (Pata).

The SCCI chief expressed the hope that the government's step will bring economic prosperity and development in the newly merged tribal districts and Pata.

SCCI vice president, Junaid Altaf, former FPCCI president Ghazanfar Bilour, former presidents Malik Niaz Ahmad, Faiz Muhammad Faizi, Riaz Arshad, executive members Muhammad Aurangzeb, Abdul Jalil Jan, Abidullah Yousafzai, Faiz Rasool, Saddar Gul, industrialists Association Hayatabad Peshawar president Malik Imran Ishaq, traders and industrialists were present during the presser.

Sherbaz Bilour hailed the reduction in excise duties, including on raw material, which is a welcoming step through the fiscal budget. He added the initiatives to boost up hydel power generation, abolishment of tax on online businesses, increase in loans for cottage industries from Rs3 Million to Rs 10 Million, are the good one to accelerate pace of economic development and address the key attached with relevant sectors.

The chamber president also appreciated abolishment of different 12 withholding taxes (WHTs). Similarly, he added the abolishment of the condition for up-gradation of tax profile is also a good step.

While responding to a question of reporters, Sherbaz Bilour said the unjust was being carried out with Khyber Pakhtunkhwa by the federal government in past years regarding payment of amounts Net Hydel Profit (NHP) along with arrears.

Copyright Business Recorder, 2021