LAHORE: Lahore Chamber of Commerce and Industry (LCCI) here Friday gave mixed reaction on Federal Budget 2016-17 and termed it agriculture focused budget with ambitious tax collection plan.
Addressing media at the LCCI soon after the budget speech of Federal Finance Minister, LCCI President Sheikh Muhammad Arshad said that though good steps had been taken but business community had reservations over a few announcements.
LCCI Senior Vice President Almas Hyder, Vice President Nasir Saeed, former presidents Mian Muhammad Ashraf, Mian Anjum Nisar, Shahid Hassan Sheikh, Muhammad Ali Mian, Mian Muzaffar Ali, Farooq Iftikhar, Ijaz A. Mumtaz, former Senior Vice Presidents Abdul Basit, Irfan Iqbal Sheikh, Mian Nauman Kabir, former Vice Presidents Shafqat Saeed Piracha and Mahmood Ghaznavi also spoke on the occasion.
The President said that zero rated facility for five sectors was a good step and would help enhance exports of the country. He also welcomed the announcement to release pending sales tax and income tax refund claims. Though cut in corporate tax was a good step but it should be brought down further, he added.
Sheikh Muhammad Arshad said that concessions for dairy and livestock sectors would go a long way, and measures for renewable energy sector would help promote alternative energy resources, asserting that focus on the Railways was a good omen, as it would help develop this important department.
The LCCI President mentioned that increase in sales tax on electricity bills was not a good step as it would increase input cost of industrial sector.
LCCI Senior Vice President Almas Hyder said that all export-oriented sectors should also be given zero rated facility, particularly engineering, livestock and halal foods. He said that roadmap should have also been given to improve Pakistan's ranking in doing business.
Vice President Nasir Saeed welcomed measures for cottage industry and hoped that it would help groom this particular sector. He also welcomed relief measures for the marble sector.
Former LCCI President Mian Anjum Nisar remarked that steps should also be taken to give expansion to the tax net, apprehending that existing taxpayers would be squeezed. He added that announcement should have also been made to reduce the discretionary powers of the tax machinery.
Muhammad Ali Mian also welcomed zero rated facility for the five sectors and said that a number of LCCI proposals had been incorporated in the Federal Budget 2016-17. He said that increase in withholding tax on commercial meters should be withdrawn. Shahid Hassan Sheikh said that refundable amount of business community should be considered liability instead of collection.
Abdul Basit said that halal food sector should be given priority and should be given zero rated facility to enhance country's exports.
On this occasion, PIAF Chairman Irfan Iqbal Sheikh welcomed the federal budget and stressed the need for more measures for youth.
Mian Muhammad Ashraf was of the view that there was no discrimination among filers and non-filers, therefore, an effective strategy should be evolved to bring new taxpayers into the tax net.
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