ISLAMABAD:President of Islamabad Industrial Association (IIA) Muhammad Ahmed on Friday lauded the federal budget 2023-24, saying that Information Technology (IT), Small and Medium Enterprises (SMEs), solar, and agro-based industry would take a boost after getting tax exemptions.
In reaction over budget 2023-24, Muhammad Ahmed said that Super Tax has been imposed across the board on income above Rs150 million, which previously was Rs300 million and only applicable on ten sectors including banking which is against the claim that no new tax has been imposed.
Leaders of IIA Usman Shaukat, Khalid Jaweed, Mian Akram Farid, Atif Ikram Sheikh, Tariq Sadiq, Mian Waqas Masood, Zakria A Zia, Aamir Waheed, Mirza Muhammad Ali, Malik Sohail Hussain, Naeem Paracha and others were also present at the occasion.
He said that energy tariff for the industrial sector is very high resulting in enhanced cost of doing business compelling this sector to use energy efficient devices but duties and taxes have been increased which should be reviewed.
He added that investors of erstwhile FATA and PATA will be able to get their investments recovered because of extensions of income tax and sales tax exemptions for one year.
An extension of income tax exemption for one year was granted for the ongoing REIT projects, enabling them to complete the halted real-estate sector, he noted.
The business leader said that youth entrepreneurship has been encouraged by three-year income tax exemption up to the age of 30 years, enabling them to improve their businesses.
Every taxpayer has been allowed to bring $100,000 under section 111(4) of Income Tax Ordinance without giving a source of income which will help government to overcome shortage of forex reserves. Previously, this limit was only five million rupees.