Published On: Fri, Jun 10th, 2022
Published in Category: Rawalpindi

Business community pins high hopes on the upcoming budget 2022-23

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RAWALPINDI : The business community pins high hopes on the upcoming budget 2022-23. We are hopeful that the budget will be progressive and business friendly. The Rawalpindi Chamber of Commerce and Industry (RCCI) group leader and former president Sohail Altaf and president Nadeem Rauf said in a joint statement that the business community is concerned about the current economic situation in the country.


Existing taxpayers will no longer be burdened to achieve tax targets, and incentives for the textile, IT, construction, and real estate sectors will be maintained, they demanded.


Sohail Altaf said that even in the pre-budget conference, the finance minister had assured that the budget would be business friendly. “Due to the devaluation of the rupee and high inflation the tax targets will be met easily. We hope that the existing taxpayers will not be taxed,” he said.


Sohail Altaf stressed that while maintaining the incentives and facilities given to the industry, the government should give a practical demonstration of the continuity of its policies. This will send a positive message, he added. A ban on the import of luxury goods is a welcome step, but the import of raw materials for the industry should be continued.


Similarly, no restrictions should be imposed on the import of CKD kits, so that assemblers can continue their work and employment can continue. The auto sector has performed well, incentives should be continued, more incentives and facilities should be given to the auto sector so that it too becomes an export sector.


According to the Economic Survey, GDP growth has increased by 6% in the last year. In order to maintain this, it is necessary to continue the incentives given to the sectors which are performing well. This should be continued and the government is required to focus on this. The pharma and poultry sectors are important for which concessions should also be given.


The Tax net is required to be broadened and FBR should focus on creating new taxpayers. The pharma sector is important for which concessions should also be given.


President Nadeem Rauf said that the government should focus on traditional sectors as well as non-conventional sectors like gems and jewelry, IT, marble, pharma and poultry sector.


SMEs should be promoted, special packages should be given for allied industries connected with LSM, he added.


Industrial zones should be established so that local production of parts is possible and import bills are reduced. He suggested that the government should focus on renewable energy sources for affordable power supply, including solar and wind.