Staff Reporter Karachi
Commenting on the Budget-2021 announced by Federal Finance Minister Shaukat Tarin in the National Assembly, President Federation of Chambers of Commerce and Industry Nasser Hyatt Maggo said that harassment of FBR issue has been tackled well in the budget and the third party system would augur well in development of business environment.
The Alternate Dispute Resolution process would be a beneficial step in boosting tax revenue.
The self-assessment system would help in building confidence of the traders and businessmen, which would reflect in hefty tax collection.
President Karachi Chamber of Commerce and Industries (KCCI) Shariq Vohra said the federal government had also included some of the suggestions from Karachi in the budget.
He commended the PTI-led government for reducing the withholding tax by 40% and said the turnover tax had also been reduced by 0.25%.
“The government has shown leniency in terms of taxation,” Vohra said. “The Karachi Chamber of Commerce accepts the budget. We will provide more analyses after reading the budget document.”
President UBG and former FPCCI President Zubail Tufail stressed the urgent need to enhance agricultural growth to its maximum size as Pakistan could not progress without a developed agricultural sector.
“The wrong policies of previous governments resulted an increase in agricultural cost and decrease in revenues,” he said.