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June 12, 2019

‘Budget may help document economy’

Business

June 12, 2019

RAWALPINDI: Business community of the twin cities of Rawalpindi and Islamabad termed 2019/20 budget below the expectations and expressed the hope that the measures announced by the finance ministry will help document the economy and broaden the tax net.

Giving his reaction on the proposed budget, RCCI President Malik Shahid Saleem said that a number of good decisions have been taken in budget, but a comprehensive reaction on this subject would be announced later after thoroughly studying the proposed document.

The RCCI president said the trader community was having great expectations from the budget, but the relief for masses was not up to the mark. Lifting of ban on non-filers for property purchase is laudable, as it will help boost the real estate sector. However, traders are concerned about the duty imposed on cement, as it would double the construction cost.

Saleem said that the government’s Rs5,545 billion revenue target is unrealistic keeping the fact that it was already facing shortfall of Rs400 billion.

The RCCI president also lamented increase in sales tax on poultry, cooking oil and said this will disturb kitchen budget of salaried class.

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