AIRLINK 58.23 Decreased By ▼ -0.37 (-0.63%)
BOP 6.24 Increased By ▲ 0.03 (0.48%)
CNERGY 3.97 Decreased By ▼ -0.02 (-0.5%)
DFML 16.07 Increased By ▲ 0.06 (0.37%)
DGKC 67.61 Increased By ▲ 0.29 (0.43%)
FCCL 17.82 Increased By ▲ 0.27 (1.54%)
FFBL 25.40 Decreased By ▼ -0.49 (-1.89%)
FFL 9.15 Increased By ▲ 0.01 (0.11%)
GGL 9.79 Increased By ▲ 0.02 (0.2%)
HBL 113.77 Increased By ▲ 1.27 (1.13%)
HUBC 111.61 Decreased By ▼ -3.68 (-3.19%)
HUMNL 6.55 Decreased By ▼ -0.04 (-0.61%)
KEL 4.39 Increased By ▲ 0.17 (4.03%)
KOSM 4.59 Increased By ▲ 1.03 (28.93%)
MLCF 37.73 Increased By ▲ 0.62 (1.67%)
OGDC 125.21 Increased By ▲ 8.81 (7.57%)
PAEL 22.61 Decreased By ▼ -0.10 (-0.44%)
PIAA 11.10 Increased By ▲ 0.31 (2.87%)
PIBTL 6.17 Decreased By ▼ -0.08 (-1.28%)
PPL 109.07 Increased By ▲ 5.07 (4.88%)
PRL 26.84 Increased By ▲ 0.45 (1.71%)
PTC 10.48 Increased By ▲ 0.95 (9.97%)
SEARL 52.85 Increased By ▲ 0.86 (1.65%)
SNGP 66.38 Increased By ▲ 1.26 (1.93%)
SSGC 11.01 Increased By ▲ 0.08 (0.73%)
TELE 7.13 Decreased By ▼ -0.08 (-1.11%)
TPLP 11.93 Decreased By ▼ -0.06 (-0.5%)
TRG 76.07 Decreased By ▼ -0.78 (-1.01%)
UNITY 20.47 Decreased By ▼ -0.02 (-0.1%)
WTL 1.30 No Change ▼ 0.00 (0%)
BR100 6,426 Increased By 94.3 (1.49%)
BR30 21,976 Increased By 345.9 (1.6%)
KSE100 62,816 Increased By 901.5 (1.46%)
KSE30 21,134 Increased By 282.7 (1.36%)

LAHORE: With a view to help grow the businesses in post-corona economic strategy the government will have to take solid measures in the upcoming federal budget 2021-22 to strengthen the industry, especially the SMEs, to save the livelihood of millions of workers associated with the small industries.

The government will have to make a visible reduction in taxes in the budget to help businesses, particularly the SME sector, as Pakistan needs millions of jobs annually. These recommendations were put forward by All Pakistan Business Forum (APBF) President Syed Maaz Mahmood in a joint meeting of various trade and industrial sectors held here to review the budget proposals for the upcoming fiscal year of 2021-22, urging the finance ministry to make focus on greater relief to the documented and registered SMEs.

Unveiling the budget proposals, the APBF President said that the forum has submitted comprehensive proposals for the upcoming federal budget with main objective to bring liberal investment policy, infrastructure development, broadening of tax base and creating jobs through industrialization. The budget proposals were compiled in an unbiased and transparent manner, incorporating feedback received from business community on hosts of sectors from all over the country.

He called for introducing soft policies for SMEs including special financing schemes where they can get credit at low mark-up rates with no collateral requirement. Moreover, there should be a holiday for all taxes and levies for five years for the newly-registered companies, especially SMEs. There should also be exemption from audit for the newly registered SMEs in this period.

He said with a view to save the economy from the impacts of the slowdown due to the COVID-19, the government should announce special incentives for a cash-strapped small and medium industry, which represents more than 90 percent of around 3.2 million business enterprises in Pakistan, contributing 40 percent to the GDP, employing more than 80 percent of non-agricultural workforce, and generating 25 percent of export earnings.

Copyright Business Recorder, 2021

Comments

Comments are closed.