FPCCI Hails Steps For Poverty Cut, Tax Exemptions In Budget

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday appreciated that initiatives on account of poverty alleviation, increasing the amount of loans from Rs 1,800 billion to Rs 2,055 billion for the businesses and the youth, abolition of duty on solar energy for tube wells and agri seeds in federal budget 2023-24

LAHORE, (UrduPoint / Pakistan Point News - 9th Jun, 2023 ) :Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday appreciated that initiatives on account of poverty alleviation, increasing the amount of loans from Rs 1,800 billion to Rs 2,055 billion for the businesses and the youth, abolition of duty on solar energy for tube wells and agri seeds in Federal budget 2023-24.

Sharing their views on the federal budget with media here at FPCCI Regional Office, the Federation's President Irfan Iqbal Sheikh, Regional Chairman Muhammad Nadeem Qureshi and former FPCCI president Mian Anjum Nisar also welcomed the scheme for youth, citing that it would enable the youth to create their own employment and business in that manner as new institutions. They added that 50 percent reduction in the tax rate for the youth was also welcome.

Information Technology industry, they said, was growing rapidly in Pakistan, and its share in exports was also increasing rapidly. For the benefits and incentives that were announced in the budget, in which this sector would be given the status of SMEs (Small and Medium Enterprises), it would certainly lead to the development of IT not only in the country but also in IT exports.

FPCCI office-bearers suggested that government should enhance Rs 5 billion allocation for women empowerment while re-considering the current situation and the proportion of women in the population.

FPCCI President said that merit and priorities must be well considered in the utilization of Rs 1,150 billion development budget.

Irfan Iqbal Sheikh mentioned that there was an initiative to enhance services exports which also needed to be revisit as the volume of services sector exports was not significant.

The allocation of Rs. 491.3 billion for infrastructure was a good initiative for which the FPCCI; in its budget proposals; emphasized that there was a dire need for attention on infrastructure.

Irfan Iqbal Sheikh highlighted that Increase in the support of Real Estate Investment Trust (REIT) would make it easier to complete the pending projects in the sector.

He also welcomed the allocating of Rs. 1,804 billion for defense sector. He however called for allocation of more resources keeping in view current security situation of the country. "At this time, the country is facing different types of security challenges and terrorism," he maintained.

Irfan Iqbal Sheikh said that extending the warehousing period of perishable items from one month to three months would facilitate trade. In order to reduce the clearance time, importers had also been given the facility in the current budget that they could go to adjudication through Custom Computerized System. New measures including rephrase of the definition of smuggling would help prevent smuggling.

He hoped that abolishment of RD (Regulatory Duty) on special steel round bar would help the sector growth and bring down prices � which would provide relief to the poor. Removal of RD on equipment of IT sector was a good step, which would support the growth of this sector.