PESHAWAR: Business community rejected the proposed Mini-budget, terming the taxation measures worth Rs 343 billion through Finance (Supplementary) Bill 2021, will unleash a new inflation wave in the country.

Tabling of Finance (Supplementary) Bill 2021 in the lower house of the parliament a reflection of the incumbent government’s inconsistent and feeble economic policies, saying that the move would directly affect unprivileged and poor segments of the society, says Hasnain Khurshid Ahmad, president Sarhad Chamber of Commerce and Industry while talking to this scribe here on Sunday.

When attention would be paid to enhancing imports and decreasing exports, how can it be overcome with increasing trade deficit, SCCI chief asked while giving reaction to the presentation of the proposed Mini-Budget by Federal Minister for Finance Shaukat Tarin on the floor of the National Assembly. Hasnain Khurshid said the government’s stance over withdrawing of tax exemptions worth Rs 343 billion that the step wasn’t beneficial for the poor people, which he termed a complete ridiculous and incomprehensible.

The chamber president asked the government to review imposition of taxes on food items and prevent poor masses from further hit from ‘tsunami’ of price-hike. He demanded the authorities concerned to take serious steps for economic autonomy, improvement in exports against imports and control over the increasing trade deficit.

Khurshid criticized the proposed Mini-budget as a consequence of ‘flawed’ economic policies of the incumbent government. He expressed fear that that prices would be further surged up after imposition of taxes on baby milk, packed milk, raw materials of medicines, chicken, eggs, meat, cheese, butter, cooking oil, dairy products, confectionery items, match, agriculture tools/instrumentals and other that would further multiple miseries of the inflation-hit masses as such food items went completely out of the purchasing power of the common man.

The SCCI chief urged the government to abstain from pushing the country’s economy toward the brink of a complete collapse. Furthermore, he emphasized that legislation should be made for autonomous economic policies, people-friendly measures and provision of relief to the business community instead of elevating miseries of poor masses by presentation of Mini-budget.

The SCCI chief urged the government to review imposition of taxes on eatable items and withdraw them to give a sign of relief to poor masses.

Copyright Business Recorder, 2022