PESHAWAR: President, Sarhad Chamber of Commerce and Industry Fuad Ishaq said the government has attempted to present a progressive budget for fiscal year 2025-25 but the business community was expecting a revolutionary budget which was unseen.
Speaking at a news conference after the presentation of the federal budget by Minister for Finance Senator Muhammad Aurangzeb at the floor of the national assembly on Wednesday, Fuad called for a review on the budget proposals, and to make them business-friendly in consultation with businessmen and stakeholders. SCCI proposals were not incorporated, he said. However, he added, some proposals presented in the budget were appreciated by the chamber and business community.
Fuad said the tax-collection target has been set for the next fiscal year, and would be difficult to achieve. He said tax-proposals presented in the budget would be proven hurdle in progressive economy and Pakistan.
He emphasized it is essential to make a reduction in the ratio of taxes, particularly to bring down sales tax to one percent of the total turnover. He said the increase in tax ratio would increase undocumented transactions, which would be detrimental for the country's economy.
During the presser, the SCCI senior vice president Sanaullah Khan, vice president Ejaz Khan Afridi, former senior vice presidents Ziaul Haq Sarhadi, Imran Khan Mohmand, executive members Affaf Ali Khan, Pervez Khan Khattak, Hamza Ibrahim Butt, Qurat Ul Ain, Saddar Gul, Faiz Rasool, Ihsanullah Mohmand, Fazal e Wahid, Hamayun Khan, Aftab Iqbal, Ihsanullah, trader leaders and member of the business community present.
Fuad expressed hope that CPEC-II would increase investment in the country and provide maximum employment opportunities for establishment of new industries. The chamber president welcomed the introduction of Tajir Dost Scheme, however, he asserted this scheme should be passed by parliament for the next 20 years and must give sovereign guarantee to traders that no new tax will be imposed after this scheme.
Fuad called the IPPs a cancer for the economy and country and demanded to immediately get rid the nation from it. He said PESCO and SNGPL should be handed over to the army as these institutions cannot be fixed without the army.
To a question, Fuad said SCCI has given proposals for reduction in tax ratio to signal digit, relief and duty-free import of machinery and other business-industry friendly recommendations but these were not incorporated in the budget. He said there is nothing special for Khyber Pakhtunkhwa, FATA and PATA, except some funds allocations.
The chamber president called for deregulating the economy and initiatives for uplift of the agriculture sector. He welcomed the launch of a free-lunch scheme for schools in the federal capital.
To another question, Fuad replied that lost-making national institutions should be privatized.
Copyright Business Recorder, 2024