KARACHI: The leadership of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the Federal Government to revisit the budget 2013-14 to make it a realistic budget aimed at boosting the economy and development in the country besides providing relief, especially to the poor and low income people.
During a press conference here on Thursday, the leadership of this apex body of trade and industry of the country demanded that before passage of the finance bill (budget) by the Parliament the Federal Finance Ministry should have detailed interactive sessions with FPCCI to discus the budget, identify the anomalies and find the solutions.
Prominent business leaders at the press conference were Vice President, Confederation of South Asian Chambers of Commerce and Industry and former president FPCCI Tariq Sayeed, President FPCCI Zubair Ahmed Malik, Vice Chairman, SAARC Chamber of Commerce and Industry and former president FPCCI, Iftikhar Ali Malik, FPCCI Vice Presidents Ms. Rukhsana Jehangir, Azhar Saeed Butt and Abdul Khaliq Khan, Dr. Mirza Ikhtiar Baig, Mian Zahaid Hussain.
President FPCCI Zubair A. Malik emphasised that Federal Finance Ministry would have to take FPCCI into confidence on certain budget issues.
He presented his analysis of the budget dividing it into positive and negative points.
He was of the view that increase in sales tax will further push up the inflation instead of slashing it down to single digit.
The business community will not accept increase in sales tax, he added.
He said central excise duty should also be revised.
He said the Government's plan to increase tax and GDP ratio is to be welcomed. However, FPCCI had proposed that every income including agriculture income should be taxed.
He said that the Government should come up with a comprehensive plan for the resolution of energy crisis.
He called for more incentives to attract investment in the industrial sector. Giving tax holiday for ten years period is not sufficient, he said.
He also called for maximum incentives to non-resident Pakistanis so that they invest their money here. The economic turn-around in India owed it to non-resident Indians, he maintained.
The FPCCI Chief recommended that mark-up rate should be brought down to encourage industrialisation.
He suggested that powers of issuing SROs be withdrawn from Federal Board of Revenue and these should be issued only after the approval by the Parliament.
He pointed out that no incentives/ support was announced for small and medium enterprises (SMEs) sector which is only a major source of employment and revenue generation.
"Only SMEs can bring economic prosperity in a country. We want poverty reduction, economic prosperity and development," Malik remarked.
He said that the exporters were getting only 60 percent of their amount paid in the shape sales tax.
He regretted that five zero-rated textile sectors have also been put into duty net.
He underlined the need for increasing confidence of the business community into the Government as it is the private sector which generates revenue.
Zubair Malik said that maximum electricity generation be based on coal as it has proved efficient and cost-effective source of generation in the world.
FPCCI President expressed concern over the deteriorated law and order situation especially in Karachi.
Vice Chairman of SAARC Chamber of Commerce and Industry and former president FPCCI Iftikhar Ali Malik claimed that Federal Finance Minister Senator Ishaq Dar had agreed to have a detailed meeting with FPCCI leadership within next couple of days to discuss the budget 2013-14 and remove anomalies, if any, to the satisfaction of the business community of the country.
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