All Pakistan Tax Bar Association (APTBA) has termed the budget for 2004-05 as "Bold and Revolutionary".
APTBA President Muhammad Naeem Shah said, all efforts have been made to activate the economy and to promote one sector with the help of another one, to create employment opportunities and to alleviate poverty.
Over all it is a relief giving budget. He said that the government tried its best to set the things straight in the prevalent situation and avoid putting more burden on the middle as well as poor segments of the society.
Policies as adopted during the last two years have been continued due to which, achievements during the current fiscal have shown excellent results.
He however said situation of the taxation system was not satisfactory and in the budget it has been tried to improve and speed up things.
The government has also tried to provide taxpayers a bona fide, fair and free atmosphere wherein they could grow and pay their due taxes without any pressure of the tax administration.
Various irritants of tax laws, which were not practicable has been amended or withdrawn. He said it was need of the hour that government should increase its revenue without depressing the trade and industry.
He appreciated the relief measures under the Sales Tax Act, especially relating to imports and supply of plant and machinery, exemption of imports of tractors and other machinery used for agriculture, abolition of further tax, reduction in Sales Tax rates, promotion of SMEs by raising the exemption at Rs 5 million, and amendment in section 73 of the Sales Tax Act.
APTBA also appreciated the withdrawal of payment of 15 percent of disputed tax for filling of appeal, amendment in the provision of Advance Tax, reintroduction of presumptive tax regime in case of commission of travelling, insurance agents. Reduction in custom duty of import of plant and machinery, relief to senior citizens and pensioners.
Naeem Shah praised the allocation of 202 billion of rupees towards infrastructure, communication, agriculture and social sector development increase in allocations for education and health budgets.