SCCI urges govt to review budget proposals

By Bureau report
June 13, 2024
Sarhad Chamber of Commerce and Industry President Fuad Ishaq along with others addresses media persons during a press conference at Chamber of Commerce premises in Peshawar on April 25, 2024. — PPI

PESHAWAR: Sarhad Chamber of Commerce and Industry (SCCI) President Fuad Ishaq on Wednesday said the government had attempted to present a progressive budget for fiscal year 2025-25 but the business community was expecting a revolutionary one.

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Speaking at a news conference after the presentation of the federal budget by Minister for Finance Senator Muhammad Aurangzeb, Fuad Ishaq called for a review on the budget proposals in consultation with businessmen and stakeholders to make them business-friendly.

“The SCCI’s proposals have not been incorporated,” he said. However, he added, some proposals presented in the budget were appreciated by the chamber and business community.

Fuad Ishaq said the tax-collection target had been set for the next fiscal year, which would be difficult to achieve.

He said that it was essential to make a reduction in the ratio of taxes, particularly to bring down sales tax to one percent of the total turnover. The increase in tax ratio would increase undocumented transactions, which would be detrimental for the country’s economy, he added.

Fuad expressed the hope that the CPEC-II would increase investment in the country and provide maximum employment opportunities for establishment of new industries.

The chamber president welcomed the introduction of Tajir Dost Scheme, but asserted this scheme should be passed by parliament for the next 20 years. He called the IPPs a cancer for the economy and country and demanded to immediately get rid of the nation. He said PESCO and SNGPL should be handed over to the army as these institutions cannot be fixed without the army.

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