KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) leaders came up with mixed response to the federal annual budget for 2016-17 and announced to comment in detail on it on Saturday after deliberations with maximum number of senior business persons.
" We have summoned a meeting of our officials including the Chairmen of FPCCI standing committees dealing with different sectors by 11 am here to discus the Finance Bill in detail.
Then, we will be in position to give our final reaction," said FPCCI Senior Vice President, Shaikh Khalid Tawab and Vice President, Hanif Gohar in a brief encounter with media after listing to the budget speech at the Federation House.
FPCCI Vice Presidents, Zulfiqar Ali Shaikh, Arshad Farooq and M.Ikram Rajput, former Vice Presidents, Gulzar Feroze and Waseem Vohra, Chairman FPCCI standing committee on housing Muneer Sultan, Chairman FPCCI standing committee on direct taxes M. Saleem Shaikh, Chairman Pak-Turkish Business Council Capt. (Retd) Abdul Rasheed Abro were prominent among the business cluster gathered to listen to the federal budget.
FPCCI Senior Vice President, Shaikh Khalid Tawab appreciated the government's decision to declare five value-added sectors as zero- rated. These included textile, leather, carpets, surgical and sports goods.
He also supported the incentives announced for the housing industry. However, he differed the levy of more tax on cement, which ultimately would be shifted to the commonman.
He acknowledged the government's positive steps for promotion of quality higher education and agriculture sector.
He welcomed the government's decision to pay refunds to exporters up to August 31, 2016. Presently, he said, Rupees 280 billion refunds were stuck up with Federal Board of Revenue (FBR).
FPCCI Vice President and Chairman, Association of Builders and Developers (ABAD), Hanif Gohar thanked the Federal Finance Minister Senator Muhammad Ishaq Dar for accepting the proposals submitted from ABAD's elected body.
He was , however, critical to the increase in cement price which was already double than that in Iran, India and United Arab Emirates. " Instead of breaking the cartel of cement manufacturers and control cement price, Rs 50 levy was imposed on a cement bag."
He also regretted the increase in steel price.
FPCCI's former Vice President, Gulzar Feroze appreciated the announcement of water supply schemes for Karachi and construction of different sections of Motorway between Karachi and Lahore.
He demanded the payment of all pending refunds , instead of those for which RPOs were finalised before April 30, 2016. Leading exporter Mehtab Chawla said the government must ensure availability of utilities at the affordable rate to increase exports of the country.
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