Budget is a mix of sweet and sour-Ahsan Zafar Bakhtawari

Budget is a mix of sweet and sour-Ahsan Zafar Bakhtawari

ISLAMABAD, JUN 12 /DNA/ – President Islamabad Chamber of Commerce and Industry Ahsan Zafar Bakhtawari has termed the budget 2024-25  as a difficult one in which some of the proposed measures are praiseworthy while the others are alarming and disturbing. He expressed these views during a press conference at the Chamber House on Wednesday evening on the budget proposals presented by the federal government. 

He said that instead of broadening the tax net, the government has fixed the tax target of Rs.12970 billion which will definitely increase burden on the existing taxpayers. Imposition of excise duty on cement and the allocation of huge amounts for the debt servicing   could prove detrimental for the country, he warned. He also said that the government has badly ignored an important and vibrant sector of tourism which can generate huge foreign exchange for the country in lieu of some attention.

However, he described the increase in the salaries of the government servant as well as the laborer wages as good steps. He added that after the detailed study of the budget document, he will be able to give a comprehensive reaction of the Chamber.

Vice President Faad Waheed also termed the budget as disturbing by saying the tax on mobile phones, textile industry and exporters will badly hurt the business atmosphere in the country however he described the privatization of the PIA, incentives for the solar industry as commendable steps.

Vice President Eng. Azhar ul Islam Zafar said that increase in FED on cement will cause further unemployment in the country, however he appreciated the concessions for the steel scrap business.

President IEAA Sardar Tahir Mehmood rejected the imposition of capital gain tax and federal excise duty on the transfer of immovable property.

President All Pakistan Anjuman-e-Tajran Ajmal Baloch expressed his astonishment on the imposition of taxes on the transfer of immovable property, mobile phones etc.

The Press conference was largely attended by the former ICCI Presidents, executive members and representatives of the trader’s community.