Director Pak-Afghan Joint Chamber of Commerce terms federal budget 2023-24 balanced
PESHAWAR (APP): Director, Pakistan and Afghanistan Joint Chamber of Commerce and Industry, Ziaul Haq Sarhadi here Sunday termed federal budget 2023-24 balanced.
He welcomed an increase in the salaries and pensions of the government employees besides minimum wage of labourer to Rs32,000 in Federal Budget 2023-24.
Talking to APP, he said that 35 percent increase in the salaries of government employees of BS 1-16 and 30 percent in BS 17 and above besides 17.5pc in the pension would help minimize the difficulties of the price-hike sticken employees.
Ziaul Haq Sarhadi, who is also President of Frontier Customs Agents Association said that examption of erstwhileFata and Pata from taxes for one year was a positive decision. However, he said that its benefits should reach only to the local communities.
He expressed the hope that the government would reconsider its proposal regarding imposition of taxes on Rs50,000 cheque to help encourage deposit of money in the banks.
He said increase taxes on luxuries cars to make negative effects on the auto industry.
Welcoming an increase in the agricultural loans to Rs2250 billion, Zia said that Pakistan was an agriculture country and allocation of Rs5 billion loans for agro- based industries besides abolishment of customs duties on invertor solars penals would help increase agriculture production and conserve energy for industries to grow.
He said focusing on uplift of agriculture, seeds, mechanisation and IT-enabled exports to generate employment for youth.
Ziaul Haq Sarhadi said that providing incentives to women SMEs would also help encourage them to excell in business and trade.
He underlined the need for expanding the tax net, investing in education and human development, managing the mounting fiscal deficit, foreign loans burdens and creating an enabling business environment vital for economic revitalization.
He said KP was situated relatively in disadvantage location because of its long distance from seaport and our businessmen will derive confidence by reducing gas and electricity bills on industries, customs duties and relief in the taxation.
Zia said Pakistan can prosper only if we generate higher exports and equitable tax revenues from real estate, agriculture, IT, textile and retail sectors.
He said our economic challenges’ call for a bold action to address the country’s financial problems and bring direct foreign investment to Pakistan.
