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SCCI urges govt to review budget proposals

Bureau report
Thursday, Jun 13, 2024

PESHAWAR: President of the Sarhad Chamber of Commerce and Industry (SCCI) Fuad Ishaq on Wednesday said the government had attempted to present a progressive budget for FY25 but the business community was expecting a revolutionary one.

Speaking at a news conference after the presentation of the federal budget by Minister for Finance Senator Muhammad Aurangzeb, Fuad Ishaq called for a review on the budget proposals in consultation with business owners and stakeholders to make them business-friendly.

“The SCCI’s proposals have not been incorporated,” he said. However, he added, some proposals presented in the budget were appreciated by the chamber and business community.

Fuad Ishaq said the tax-collection target had been set for the next fiscal year, which would be difficult to achieve.

He said that it was essential to make a reduction in the ratio of taxes, particularly to bring down sales tax to one percent of the total turnover.

The increase in tax ratio would increase undocumented transactions, which would be detrimental to the country’s economy, he added.

Fuad expressed hope that CPEC-II would increase investment in the country and provide maximum employment opportunities for establishment of new industries.

The chamber president welcomed the introduction of the Tajir Dost Scheme, but asserted that this scheme should be passed by parliament for the next 20 years.