Calls For Ban On Luxury Imports In Upcoming Federal Budget 2023-24

ISLAMABAD, (UrduPoint / Pakistan Point News - 5th Jun, 2023 ) :District President of the Pakistan business Forum, Momin Ali Malik Monday demanded a complete ban on luxury imports in upcoming Federal budget 2023-24.

Malik said that such a ban would help decrease Pakistan's import bill and preserve foreign exchange reserves, which could help improve the country's balance of payments, said a press release.

Talking to a delegation of industrialists led by Mian Zeeshan Elahi CEO Marvel Cables, he said discouraging imports of luxury items was need of the hour to save billions Dollars for economy of the country and ban on luxury imports could create opportunities for domestic industries to develop and produce similar products within Pakistan.

The initiative could lead to the growth of local industries, generate employment opportunities, and stimulate economic activity, he added.

He said with limited access to luxury imports, individuals might opt to spend their money on domestically produced alternatives.

This increased demand for local products could have a positive effect on the domestic economy, fostering economic growth and creating a multiplier effect,he added.

Momin Ali Malik said strict enforcement and effective checking of smuggling could also help plug pilferage of tax revenue of billions of rupees annually.

He further demanded that 3.5 million identified tax evaders must also be brought to the tax net broadening the national tax base instead of over burdening existing tax payers which would help greatly to avert Pakistan from default.

He said an incentive must also be offered for revival of sick industry across the country.

He said agriculture was backbone of the national economy which should be accorded top priority in the budget with special focus on encouraging the plant breeders for bumper crops production to meet the ever growing needs of population explosion.