It is important to note that the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), country’s apex body of trade and industry, has claimed that there exists complete confusion as to what exactly was condition/demand of the International Monetary Fund (IMF) for which the Federal Board of Revenue (FBR) negotiated the levy of taxation of Rs 343 billion for all the sectors of economy including agriculture, industry and services. In this regard, it has released a very comprehensive communiqué.

Unfortunately, however, the government policymakers appear to have purposefully ignored this body; they have not sought any input from this national body for their ‘mini-budget’. The government’s approach to the supplementary finance bill betrays both its ill intent and incompetence. Little does it know that the objective of higher economic growth will become illusive in the absence of a proactive role or participation of trade and industry. It is about time the government reached out to FPCCI and other related forums with a view to winning their trust and confidence before the likely passage of the ‘mini-budget’.

Shakir Nazar (Lahore)

Copyright Business Recorder, 2022