Amraiz Khan
lahore
President of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Mian Anjum Nisar while reacting upon the federal budget 2020-21 termed it a balanced budget. He said that government by not imposing new taxes and reduction in taxes already imposed has provided relief to the masses. He termed the budget a good omen and said that it would be sigh of relief for masses.
He was of the view that Locust has damaged agriculture sector badly in certain area it damaged crops very much. Mr. Anjum said that government has tried to provide maximum relief to the masses.
He said that through speech it was gauged that there is relief for people and government has also reduced excise duties.
Another office bearer of FPCCI Dr. Arshad said that government should allowed to open markets seven days a week by following SOPs. He was of the view that government with the normalization of economy should present mini budget also.
He said that government has reduced duty tax on import, customs duty and tax has been reduced by 12 percent on retail. Condition of CNIC will be applied on Rs. 100000 instead of Rs. 50000.
He said that this budget cannot be termed as growth oriented one but in the given situation government could do only this. We have meager resources and lot of problems International community should help us to come out the current situation.
While speaking on the budget president of Lahore Chamber of Commerce and Industry (LCCI), Irfan Iqbal Sheikh said that exemption of custom duties on import of raw materials, exemption of custom duty on import of raw material by manufacturer of syringes and saline infusion sets, exemption of customs duties on import of raw material by manufacturers of buttons, reduction in custom duty on import of raw material by manufacturers of interlining/buckram, reduction of custom duty and exemption of additional custom duty and regulatory duty on import of raw materials by manufacturers of Wire rod, exemption of custom duties and regulatory duty on import of machinery, equipment and other project related items for setting up of internet cable landing stations, exemption of custom duties on import of raw material by beverage can manufacturers and reduction in Custom duty and exemption from Additional custom duty on import of raw material by food packaging industry are laudable measures.
Irfan Iqbal Sheikh also welcomed that reduction in regulatory duty on smuggling prone items to bring these items under legal imports, regulatory duty on several industrial inputs is also being reduced to decrease their cost of doing business, tariff protection for domestic industry by increasing/levy of regulatory duty on import of those items which are also locally manufactured, incentivizing soap manufacturing industry by reducing rate of Additional customs duty on Palm Stearin and enhancing scope of concessions available to Special Economic Zones.
The LCCI President called for declaration of all smuggling prone goods to bring transparency.
