Rasheeduddin Rashid, chairman, Provincial/Local Taxes Sub-Committee of the Karachi Chamber of Commerce and Industry (KCCI), has described the Sindh Budget 2004-05, as a bold exercise, keeping in view of the prevailing circumstances and financial constraints.
He also appreciated Sindh Finance Minister Syed Sardar Ahmed for incorporating almost all the KCCI's proposals in the provincial budget, such as withdrawal of stamp duty on both domestic and foreign travel air tickets charged @ Rs 25 and Rs 250, respectively, abolition of stamp duty levied @ Re 1 per leaf on cheques, pay orders and bank drafts; doing away with multiple slabs/categories and rates of professional tax charged from the petrol pumps, and levying at a uniform flat rate, irrespective of that commission, withdrawal of transportation fee on seed cotton (phutti), ginned cotton (unit) and cotton seed (Banola).
He reiterated Chamber's demand that instead of levying professional tax at different rates on the basis of various slabs of annual turnover or paid-up capital it should be recovered at a fixed rate from others also, to avoid dispute in determining turnover/paid-up capital and direct contact between a tax payer and tax official.
Rasheeduddin Rashid expressed that other important proposals already submitted may also be considered and accommodated for the benefit of business community.
Paying tribute to the Sindh Finance Minister, he said though the budget showed a deficit of Rs 5.43 billion, no fresh taxes have been proposed, and instead, various relief measures have been provided to almost all segments of the society such as trade, industry, government employees and pensioners, and farmers.
Rashid hoped that these relief measures coupled with larger budgetary allocation for law and order, irrigation and drainage, infrastructure, health and education would go a long way in reducing cost of doing business, accelerating the pace of economic activity, boosting investment, creating new jobs opportunities, alleviating poverty and thus improving social standards of masses as more than 33 percent of people, according to a World Bank report, are living below the poverty line in the country.
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