KARACHI:Pakistan Businesses Forum, Friday, welcomed the announcements made by Finance Minister Shoukat Tareen about revision of tax rates, measures for agriculture, industry and SME sectors in Budget 2021-22.
Vice President, Pakistan Businesses Forum, Ahmad Jawad, while talking to reporter said that the Finance Minister while concluding the discussion on budget 21-22 in the Parliament had announced revised tax tariffs for numerous items including reduction of GST on cars that was revised for vehicles up to 1000 cc.
Budget allocation of additional Rs 25 billion for agriculture sector, a policy to eliminate middle man and setting up ‘Agri Malls’ were timely decisions, he said adding that PTI government’s focused measures would support the farming community and pave the way of sustainable growth in agriculture sector.
He stressed on devising a comprehensive strategy for ensuring implementation on announced measures so that benefit of the budget measures could be transferred to masses particularly the farming community.
Jawad also lauded the initiative for small and medium enterprises under which loans amounting to Rs 100 billion would be provided to SME sector and mentioned that availability of credit was a long standing demand by the SME sector to roll out their cash flows.
Similarly, Shoukat Tareen also stated that section 203-A regarding arresting tax evaders to be eliminated from the finance bill and only a designated committee would decide the matter after due process of audit, he noted saying that the provision was widely opposed by the business community and representatives of the community expressed their concerns over it.
Government’s intention to reform the power sector and enhancing efficiency of power distribution companies was another welcome step which focused on increasing recovery of electricity bills instead of increase in electricity tariff and handing over management of discos to private sectors would help resolving the liquidity and efficiency issues as Rs. 900 billion given to power sector on the account of capacity payments, whether that energy was used or not, resulted into increased circular debt, he opined.
Ahmed Jawad also appreciated special electricity tariff for industries adding that it would curtail the manufacturing cost.