KARACHI: A former Adviser on Textile to the ex- prime minister, Dr. Mirza Ikhtiar Baig, has hailed the encouragement provided in the budget for the fiscal 2016-17 for the five main sectors of economy - textile, leather, carpets and sports and surgical goods.
He appreciated that from July 1, 2016 these five sectors will be made zero-rated tax regime.
Dr. Baig also lauded the lowering of the corporate tax rate to 31 percent from 32 percent.
He said that additional tax on non-registered companies and individual would help bring these in the tax net.
Dr. Baig also lauded enhancement in salaries and pension of the government employees and increase in minimum wages of the labourers and said that these measures would help benefit the low income group.
However, he believed that government's stress appears on indirect tax did not augur well. The world over the stress is on direct taxes, he maintained.
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