SCCI chief rejects proposed mini-budget

PESHAWAR: The Sarhad Chamber of Commerce and Industry (SCCI) on Friday rejected the proposed mini-budget, saying the Rs343 billion taxation through Finance (Supplementary) Bill 2021 would unleash a new wave of inflation in the country.

SCCI President Hasnain Khurshid Ahmad through a statement termed the tabling of Finance (Supplementary) Bill 2021 in the lower house of the parliament a reflection of the incumbent government’s inconsistent and feeble economic policies, adding that the move would directly affect unprivileged and poor segments of the society.

“When attention should be paid to enhance imports and decrease exports, how can be overcome the increasing trade deficit,” SCCI chief said while giving reaction to the presentation of the proposed mini-budget by Federal Minister for Finance Shaukat Tarin at the National Assembly.

Hasnain Khurshid said the withdrawal of tax exemptions worth Rs343 Billion that the step wasn’t beneficial to the poor people, which he termed as ridiculous and incomprehensible.

The chamber president asked the government to review imposition of taxes on food items and prevent poor masses from the new ‘tsunami’ of price-hike. He demanded the authorities concerned to take serious steps for economic autonomy, improvement in exports against imports and control over the increasing trade deficit.

Khurshid criticised the proposed mini-budget as a consequence of ‘flawed’ economic policies of the incumbent government.

He expressed fear that prices would further surge after imposition of taxes on baby milk, packed milk, raw materials of medicines, chicken, eggs, meat, cheese, butter, cooking oil, dairy products, confectionery items, match, agriculture tools/instrumentals and other essentials.

The SCCI chief urged the government to abstain from pushing the country’s economy to the brink of a complete collapse.

He emphasized that legislation should be made for autonomous economic policies, people-friendly measures and provision of relief to the business community instead of elevating miseries of poor masses by presentation of a mini-budget.

The SCCI chief urged the government to review imposition of taxes on edible items and withdraw them to give relief to the masses.