LAHORE:Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh on Friday termed the Federal Budget for FY-2022-23 as balanced in the prevailing economic situation.
Addressing a press conference at a local hotel, the FPCCI President, accompanied by FPCCI Regional Chairman Muhammad Nadeem Qureshi, former presidents Mian Anjum Nisar, Muhammad Ali Mian and others, said that the federal government had accepted the major demand of the FPCCI.
He welcomed the elimination of sales tax on seeds and said that fix tax imposed on retailers was a long standing demand of FPCCI, adding that this initiative would enable the government to enhance its tax revenues.
He further said that the proposal of FPCCI for Import Advance Payment Adjustment had also been incorporated in the budget document. He stressed the need for bringing more people into tax club.
Irfan Iqbal also welcomed the abolishment of sales tax on solar energy equipment, arguing that this would also help overcome the energy crisis in the country.
He mentioned that Customs Duty on agricultural machinery had been abolished by the incumbent government, while sales tax on 30 components of pharmaceuticals had been brought to zero. He, however, demanded the government to eliminate sales tax on all components of pharmaceuticals as proposed earlier by the FPCCI.
The FPCCI President also called for a complete ban on import of motor vehicles for the betterment of the economy.
Allocation of additional funds for dams, he added, would ensure early completion of new dam projects as well as enhance the power generation capacity of the existing ones.
He urged the policy makers to remove the condition of identity card of the buyers, besides taking comprehensive measures to reduce the cost of doing business.