KARACHI: Korangi Association of Trade and Industry (KATI) president Saleem-uz-Zaman said that in view of the Covid-19 pandemic and other factors, the government should keep its expenditure to a minimum in the upcoming budget for the betterment of the economy and the people.
He welcomed the statement of Finance Minister Shaukat Tarin in which he emphasized on increasing the tax net instead of increasing the rate on existing taxpayers.
Saleem-uz-Zaman said that it was inevitable to increase the tax net in the face of inflation and economic difficulties.
He said that in the next budget, the government should bring non-development expenditure to a minimum, adding that the current situation demanded that the budget should be people and business-friendly.
He said that a large portion of the budget from the federation and the provinces should be utilized for the welfare of the people, elimination of unemployment
and in the health and education sectors on priority basis.
KATI president said that the industrialist and the business community have been constantly emphasizing that urgent steps are needed to reduce the cost of production, that the government should introduce new policies to facilitate the taxpayers and spread the tax net and also make necessary regulations to reduce income tax, sales tax and federal excise taxes.
Saleem-uz-Zaman said that the government should introduce long-term and short-term plans and positive policies to improve the economic indicators so as to increase exports, reduce unemployment and accelerate economic prosperity in the country.
KATI president hoped that the government would take special measures in the budget for the next financial year to provide affordable electricity and gas to industries and to the people.
Copyright Business Recorder, 2021