RCCI terms budget 2024-25 sugar coated

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RCCI terms budget 2024-25 sugar coated

RAWALPINDI, JUN 12 /DNA/ – The Rawalpindi Chamber of Commerce and Industry (RCCI) has termed the financial budget for the year 2024-25 as sugar coated and remarked that an attempt has been made to make the budget superficially acceptable. Reacting to the budget, Saqib Rafiq, President RCCI has said that increasing the tax slab to 45% is unacceptable, strongly rejecting it.

He lauded the increase in tax and duty on luxury and expensive vehicles and appreciated the steps taken in the fiscal budget for digitization of the economy. Saqib Rafiq expressed hope that the tax filing system will be better and easier. He added that reducing expenditures and increase in development funds and allocation of additional funds to non-traditional sectors such as IT is also commendable.  Welcoming the increase in the annual budget of BISP, he said that it should be brought on the Akhut model so that employment increases and the economy progresses. It is also highly laudable that the Government is taking serious and practical steps for privatization, which was long demanded from the RCCI and the business community.

Group leader Sohail Altaf said that the increase in tax rate on non-filers is welcome, but we suggest that an out-of-box solution should be taken to increase the tax net, making chamber membership mandatory for businesses.

Senior Vice President Muhammad Hamza Sarosh, former Presidents, EC members, representatives from the trade associations, and a large number of members were also present on the occasion.