Abdul Hafeez Sheikh To Meet With FPCCI For Removal Of Anomalies In Budget

Advisor to Prime Minister on Finance Abdul HafeezSheikh Wednesday invited Federation of Pakistan Chambers of Commerce andIndustry (FPCCI) to work out strategy to remove anomalies in the budgetbesides addressing the genuine grievances of the business community to helpaccelerate the economic activities in the country

Lahore (UrduPoint / Pakistan Point News - 19th June, 2019) Advisor to Prime Minister on Finance Abdul HafeezSheikh Wednesday invited Federation of Pakistan Chambers of Commerce andIndustry (FPCCI) to work out strategy to remove anomalies in the budgetbesides addressing the genuine grievances of the business community to helpaccelerate the economic activities in the country.Founder President Pak-US Business Council ,Chairman United Business Group (UBG) and veteran trade leader Iftikhar Ali Malik disclosed this while talking to media here today.

He said Abdul Hafeez Sheikh has assured him that all out efforts would be made to redress the genuine grievances of the tax payers, especially the business community on top priority. He said that this would provide an opportunity to our members to discuss the matters of mutual interest particularly related to facilitating trade and industry with the view to enhance investment, increase production, boost exports, and curtail imports.He said FPCCI President Engineer Daroo Khan, Patron in chief UBG SM Muneer, former FPCCI President Zubair Tufail, SVP Mirza Ikhtiar Baig, all Vice Presidents and other prominent business leaders including members of anomalies would deliberate on the economic agenda and road map of priorities, as cherished by the government for the revival of the economy and to steer the country out of the multi-faceted challenges being confronted such as the balance of payment, fiscal and debt sustainability, better management of public sector entities, reforms of transparency, eliminating the menace of corruption, ease of doing business etc.Iftikhar Malik said the FPCCI team would convince Abdul Hafeez Sheikh to remove certain anomalies in 2019-20 Budget.

He said that the business community was the backbone of the national economy and it was the moral obligation on the government to facilitate the traders in order to encourage ease of doing business in the country.

He said the business community has serious concerns on abolishment on sales tax zero-rated regime for five export-oriented sectors - textiles; leather; carpets; sports goods and surgical goods - and imposition of 17 percent sales tax on items covered under SRO 1125(I)/2011 thus subjecting them to refund regime.He said they would suggest to the government to restore of zero-rated scheme to eliminate corruption as well as improving the cash flow of exporters of these sectors.He said that the target of collection of additional tax of about Rs 700 billion in Budget 2019-20 would be an uphill task and apprehended that in case the target is not met, there would be a mini-budget to offset the revenue loss.Iftikhar Malik said the business community reposed full confidence in the dynamic leadership of Prime Minister Imran Khan and his economic team has full potential and firm commitment to drive the country out of present economic crisis.

He said Prime Minister Imran Khan's resolve to ensure strict accountability across the board is highly appreciated by the business community in particular and the masses in general.He said the government has initiated meaningful reforms across all the important fields to make Pakistan prosperous and respected country which will help him winning hearts and minds of the people.