Govt urged to incorporate proposals of business community in budget

KARACHI: Former Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and former Senior Vice President of the Karachi Chamber of Commerce and Industry (KCCI), Hanif Lakhani, has urged the government to incorporate the recommendations submitted by trade associations, the federation, and chambers of commerce across the country in the Federal Budget 2026-27.

He said that the primary objective of the upcoming budget should not be limited to increasing revenue collection and maintaining economic stability; rather, it should be designed to promote sustainable economic growth.

Lakhani emphasised that simplifying the tax system and making it business-friendly are essential for boosting economic activity and attracting investment. He stated that the time has come to move beyond rhetoric and take practical steps to support the business community.

He stressed that the industrial sector must be provided with affordable electricity, gas, and other energy sources, while measures should be taken to reduce production costs so that the government’s export targets can be achieved.

According to him, lowering the cost of doing business is crucial for enhancing the competitiveness of Pakistani exports in international markets.

Lakhani further suggested that instead of imposing new taxes, the government should focus on expanding the tax net and bringing the undocumented economy into the formal system.

He also called for a review of customs duties and regulatory duties to facilitate the import of raw materials and industrial machinery at lower costs.

He noted that special incentives for the IT, agriculture, construction, and export-oriented sectors could significantly accelerate economic growth.

Commenting on tax reforms, Lakhani said that expanding the tax net in the new budget would be a major challenge for the Federal Board of Revenue (FBR).

However, he expressed confidence that under the leadership of the current FBR Chairman, this objective could be achieved, which would also help reduce the burden on existing taxpayers who are already contributing to the national exchequer.

Copyright Business Recorder, 2026