KP businessmen reject federal budget

PESHAWAR: The business community of Khyber Pakhtunkhwa has rejected the federal budget for the financial year 2018-19 as an election-oriented budget carrying political benefits instead of improving economy of the country.

Zahidullah Shinwari, president Sarhad Chamber of Commerce and Industry (SCCI), through a statement here on Saturday said that the smaller provinces, particularly Khyber Pakhtunkhwa, were ignored in the fiscal plan of the federal government presented at the National Assembly on Friday.

He said the federal government did not incorporate their proposals in the budget, which were aimed at reviving the economy of the province badly shattered by the years of militancy and terrorism.

Shinwari said they had asked the government to abolish the regulatory duty and incorporate the same in the finance bill, their demand was turned down.

He said the government had collected over Rs4000 billion in taxes in which it has earmarked only Rs400 billion for the refunds. The government had to pay billions in refunds which would affect the exports, he added.

However, the SCCI president lauded the government’s proposal to allow only one audit of the filers in three years, which would discourage the tax officials to harass the tax-payers.