KARACHI: President FPCCI Haji Fazal Kadir Khan Sherani and former president FPCCI Tariq Sayeed on Thursday spoke on the positive and negative aspects of Annual Federal Budget 2012-13.
During a press conference on Thursday here at Federation of Pakistan Chambers of Commerce and Industry (FPCCI), both the leaders appreciated certain positive measures announced by the Government which would help provide relief to the business community and the common man. However, they said, there was much to be done for the betterment of trade and industry, and for the general public.
President FPCCI Haji Fazal Kadir Khan Sherani listed nine positive steps announced in the Federal Budget 2012-13.
These are: the turn-over tax has been cut down to 0.5 percent from one percent-- the multiple taxes have been reduced and fixed at 16 percent-- duties on the import of certain items including tea and on raw materials for medicine have been reduced. It would help check the smuggling.
The maximum rate of customs duty has been brought down to 30 % from 35 percent.--- income tax exemption limit has been increased to Rs 400,000 from Rs 300,000. The tax slabs were cut down to five from seventeen. This would benefit the poor.
The Federal Excise System was gradually being repealed. By this move, this year the FED has been withdrawn on ten items.
The FED on cement has been reduced to Rs 400 from Rs 500 per ton. It would help promote the construction industry and the associated industries-- the duty on tyre and scrap has been cut to half at 10 percent from 20 percent-- the limit of with-holding tax on withdrawal of cash from a bank has been doubled to Rs 50,000 from Rs 25,000-- the Export Development Fund has been enhanced to Rs ten billion.
This would help increase the exports of the country-- the Taxpayers Cards Scheme would encourage new tax-payers and widen the tax net.
Tariq Sayeed, former president FPCCI and Vice Chairman of Confederation of South Asian Chambers of Commerce and Industry, urged the Government to announce an amnesty investment scheme for the industry like that earlier given to Stock Exchanges of the country. Hence, the investor should not be asked about source of money. This would boost industry and trade.
He also proposed that Trade Development Authority (TDAP) should spend the Export Development Fund (EDF) after proper and regular consultation with FPCCI leadership because the fund belonged to the exporters.
Former president FPCCI and President Pak-India Chamber of Commerce and Industry, S.M. Muneer called for induction of FPCCI representatives on Board of Directors of TDAP.
The FPCCI leadership demanded that all kind of taxable income be duly taxed including that from agriculture and services sector, instead of putting more burden over industrial sector.
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