ICCI Terms Budget 21-22 As Balanced, Hopeful To Achieve Growth, Expansion
Umer Jamshaid 2 months ago Sat 12th June 2021 | 04:06 PM
The Islamabad Chamber of Commerce and Industry (ICCI) giving its reaction to the Federal Budget 2021-22 termed it as a balanced budget expecting to lead economy in right direction to achieve better growth and expansion targets
ISLAMABAD, (UrduPoint / Pakistan Point News - 12th Jun, 2021 ) :The Islamabad Chamber of Commerce and Industry (ICCI) giving its reaction to the Federal Budget 2021-22 termed it as a balanced budget expecting to lead economy in right direction to achieve better growth and expansion targets.
He said progress and prosperity of the country was dependent on promoting industrialization, adding that the government has reduced customs and regulatory duties on the import of raw materials and goods for many industries which is encouraging step, said a news release.
Yasir Ilyas Khan lauded the reintroduction of the self-assessment scheme for taxpayers as it would give them more confidence and help improve tax revenue. He said deletion of 12 withholding taxes in the budget was a positive move as these taxes were putting extra burden on the taxpayers.
However, he urged the government to introduced a two percent fixed tax scheme for traders to realize the actual tax potential of the country and promote a documented economy.
He hoped that this budget would be helpful in further accelerating the pace of economic activities in the country. � Mian Akram Farid, Chairman, Founder Group termed the overall budget as positive. However, he urged the government to announce few incentives to attract more Foreign Direct Investment in the country.
He said PM's construction package has stimulated the economic activity in this sector and urged the government to announce similar kinds of packages for all industries leading the economy towards fast track growth rate.
He said SMEs were playing a vital role in the economic development and suggested to announce cheap credit schemes for them in the budget.
He said only 300 firms were contributing 70 percent of tax revenue and urged the government to strive for broadening the tax base through a fixed tax regime.
He also stressed the need to focus on skilled development of people to enhance manpower exports.
Senior Vice President ICCI Fatima Azim and another official Abdul Rehman Khan appreciated reduction in capital gain tax from 15 percent to 12.5 percent.
They also stated that relief in FED and sales taxes on locally manufactured 850cc cars and electric vehicles were positive steps, adding, these measures would boost investment in stock market and promote automobile industry.