FPCCI Calls For Redressing 'anomalies' In Budget

Fahad Shabbir (@FahadShabbir) Published June 19, 2019 | 07:20 PM

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday called for immediate rectification of 'anomalies' in the federal budget 2019-20 in due consultation with it and all other major trade bodies

KARACHI, (UrduPoint / Pakistan Point News - 19th Jun, 2019 ) :The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday called for immediate rectification of 'anomalies' in the federal budget 2019-20 in due consultation with it and all other major trade bodies.

Addressing a joint press conference here at the Federation House, FPCCI President Engr Daroo Khan Achakzai, Senior President Dr Mirza Ikhtiar Baig, Patron-in-Chief of the United business Group in FPCCI S M Muneer, former FPCCI president Zubair F Tufail and former senior vice president S.Khalid Tawab, and President of All Pakistan Mines and Minerals Association Mir Behrooz Khan Baloch, expressed the apprehensions that the budget would discourage economic growth.

The FPCCI president said that it was the first time this apex trade body had took over a week after the budget's announcement to give its formal reaction. The FPCCI leadership, he said, was engaged in detailed consultations with all the 60 chambers and 120 trade associations of the country on the pros and cons of the budget so that the same might be highlighted clearly.

S M Muneer claimed that withdrawal of zero-rated status of five-export oriented sectors would affect exports while around Rs 400 billion refund claims of the exporters had already been pending with the Federal board of Revenue (FBR).

"Withdrawal of zero-rating will harm the exports. If the government goes for it, then it must pay the refunds within next 30 days of clearing of the export proceeds," he urged.

The FPCCI leaders said they would lead a high-level delegation of the chamber to Islamabad to have meetings with Adviser to the Prime Minister on Finance, Revenue and Economic Affairs Dr. Abdul Hafeez Sheikh and FBR Chairman Syed Muhammad Shabber Zaidi on Thursday for the resolution of anomalies.