FAISALABAD:President Faisalabad Chamber of Commerce & Industry (FCCI) Atif Munir Sheikh Friday termed the Federal Budget 2022-23 balanced and comprehensive despite of critical economic situation and hoped that it would not only stabilise national economy but also provide much-needed relief to neglected and deprived segments of society.
After listening Finance Minister’s budget speech through projector screen in board room of FCCI here, he was giving his immediate reaction to the media persons.
He said that Pakistan is passing through serious situation and we should not put entire responsibility on the government but support its policies for the economic stability.
He appreciated the trimming of government expenditures voluntarily and said that business community should also emulate slogan of “Be Pakistani and Buy Pakistani products” instead of consuming costly imported luxury items.
The president said that government had announced reasonable relief for poor segments of society and business community would also play its due role in this noble cause.
Atif said that load shedding had inflicted severe blow to the economy in addition to creating problems for the commoners.
He said that government had proposed tangible measures to enhance power generation to eliminate the load shedding.
He particularly mentioned trimming of government expenditures, doling out subsidy on sugar and flour, reserving 25 per cent quota in financing for females, payment of Rs40 billion refund claims of DLTL and sales tax refund to pharmaceutical sector in addition to cutting down withholding tax at distribution level and hoped that it would accelerate the pace of economic development.
He appreciated the announcement of government to establish four Knowledge Parks and urged to set up at least one Knowledge Park in M-III and Allama Iqbal Special Economic Zone.
Atif Munir also lauded the decision to allocate funds for education as well as health sectors and hoped that these measures would usher into a new era of progress and prosperity.
He expressed his resolve that industrialists and business community would also play its role in this journey towards making Pakistan a welfare state.
Responding to a question about recovery of additional taxes amounting to Rs1,000 billion, Atif Munir said that finance ministry had categorically assured that no new burden would be added on the existing tax payers and new taxes would be recovered from the untaxed sectors and non-filers.
He said that government had proposed increase tax tariff for non-filers in orders to force them to become part of the documented economy.
About tax on traders, he said that Anjuman-e-Tajiran had already given its consent to be a part of fixed tax regime.
Mian Kashif Zia Regional Chairman Pakistan Hosiery Manufacturers & Exporters Association (PHMA) North Zone also welcomed the new Federal Budget and hoped that it would play a major role in enhancing national exports.
Ch Muhammad Nawaz former President FCCI, Mr Bilal Waheed Sheikh former Vice President and Muhammad Azhar Ch executive member were also present during the media talk.