KARACHI: The President of the Korangi Association of Trade and Industry (KATI), Johar Qandhari, has voiced strong criticism over the federal government’s recent budget, highlighting a complete lack of facilities and incentives for the industrial sector.

Qandhari expressed disappointment, noting that the budget fails to address the development needs of industries and does not provide any strategy to reduce production costs or energy prices. Qandhari pointed out that the budget includes an unprecedented 40% lump sum tax increase on exports, which has raised significant concerns within the business community.

He emphasized that the burden on existing taxpayers has increased without a corresponding effort to expand the tax net. The lack of measures to promote investment, combined with increased taxes and duties on raw materials, will lead to higher product prices and stifle industrial growth.

Copyright Business Recorder, 2024