Business community of the federal Capital on Saturday termed Federal Budget for fiscal year 2022-23 as a balance budget and commended the government for introducing relief measures introduced for the uplift of agriculture sector in the country.
Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce and Industry, said that the Federal Budget 2022-23 apparently seems to be a balanced budget.
He said that in the budget, the Prime Minister has shown his resolve to operationalize some special economic zones as soon as possible, which is welcome as it would boost industrialization and exports of the country.
He said that the government has taken some good steps in the current budget which are commendable.
He said that tax relief on import of agricultural machinery and equipment has been given which is commendable as it will help agriculture to develop better, improve agricultural production and instead of importing agricultural products, Pakistan will become self-sufficient in them.
He said that introduction of the
Alternate Disputes Resolution Committee (ADRC ) system was a welcome step for better resolution of tax disputes which would provide good relief to the taxpayers.
Mohammad Shakeel Munir said that by introducing a fixed tax of Rs 3000 to Rs10,000 for small retailers, the government has fulfilled a long standing demand of the business community and this will not only expand the tax base but also increase tax revenue.
He said that a fixed tax was also levied on the marble industry in their electricity bills which was withdrawn by the previous government and demanded re-introduction of a fixed tax system for the marble industry. He said that the government has also made a good decision by allowing the adjustment of taxes at the import stage. He said that tax relief measures have also been announced in the budget for the pharma industry which is appreciable.
ICCI President said that the tax threshold for proprietors and AOPs has been increased from 4 lakhs to six lakhs which is a good move.
Similarly, the tax threshold for the salaried class has also been increased from six lakhs to 12 lakhs and their salary has also been increased by 15 per cent which will provide them good relief in these tough times.
He said that after a detailed review of the taxes proposed for real estate and other sectors, reaction on them would be given later on.ICCI Senior Vice President Jamshed Akhtar Sheikh, Founder Group Chairman Khalid Iqbal Malik, Former Presidents Khalid Javed, Zafar Bakhtawari, Baser Daud, Zahid Maqbool and others also landed the steps proposed for trade and industrial development in the country.
