LAHORE: The United Business Group (UBG) in the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Thursday sent a set of 40 growth-oriented and export-led proposals to Federal Finance Minister Shaukat Tarin for the upcoming federal budget 2021-22 which would help accelerate the pace of economic activities in wake of pandemic of coronavirus.

The UBG in its budget proposals amid Covid-19 economic scenario suggested deferment of interest payments of the businesses for six months, grant of exemption from the payment of sales tax on imported plant, machinery, equipment and components, reducing electricity tariff for all the sectors to 7.5 cents/kwh. It is also suggested that source of income should not be asked on any kind of investment in any sector of the economy for the next two years.

UBG Chairman and President SAARC Chamber Iftikhar Ali Malik said the Pakistan’s economy is passing through a challenging phase due to the outbreak of COVID-19 pandemic. “The most impacted section of our society is the manufacturers, traders, retailers, importers and exporters and business community are in a distress and facing huge financial losses due to current emergency situation.”

Iftikhar Malik further said that a huge amount of income tax and sales tax refunds was pending with FBR due to which business community was facing liquidity issues and suggested that the FBR should speed up the process of their payment or allow their adjustment against payable taxes.

He said the government had to focus on enhancing business relations with other countries as no country in the current era could progress on its own. He also underlined the need for enhancing exports, reducing imports and also giving incentives to the expatriate Pakistanis to invest in their homeland and open their business here.

Copyright Business Recorder, 2021