LCCI weighs in on budget measures, economic outlook

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LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has welcomed the federal government’s decision to increase the defense budget, which has been described as the need for this time in the context of the successful operation of Bonean-Marsus against India. It also supported the withdrawal of tax exemptions for Pata/FATA areas of Khyber Pakhtunkhwa and Balochistan, as well as adding online businesses to the tax net.

LCCI President Mian Abuzar Shad, along with other officials and former presidents – expressed concern over the performance of Vice President Shahid Nazir Chaudhry, Mian Anjum Nasr, Mohammad Ali Mian, former senior vice president Ali Hassam Asghar, and former Vice President Fahim Rahman Sehgal.

He pointed to a lack of harmony with stakeholders and statements, which he believes have participated in uncertainty for businesses and people. The Chamber also mentioned the absence of transparency related to payments to independent power generators (IPPS), and questioned the decision to import petrol worth 400 billion, saying it had a negative impact on local refineries.

The LCCI said that Legacy was further criticized for import of Rs 400 billion petrol, LCCI has said that local refineries have been severely damaged. The shed acknowledged that some relief for the industry has been announced in the budget, but it has been warned that the expected increase in electricity revenue can be met. He welcomed plans to merge or eliminate 45 government agencies, but emphasized that the privatization of the damaged public sector businesses was needed.

He highlighted that Pakistan has cost $ 25 trillion over the last 15 years on underweighting and Afghan transit trade, and that unlicensed petroleum imports continue to damage foreign exchange reserves. He also expressed disappointment over small and medium -sized businesses (SMEs), cottage industry, livestock exports and not supporting the budget for the IT sector – which exports $ 3 billion annually.

The shed endorsed the government’s move against unregistered businesses, demanding a high allocation for water and dam projects, and supporting tax relief measures for the salaried class and real estate sector. However, he proposed to close Rs 5,000 notes to help in helping economic documents and criticized the lack of clear measures to expand the taxpayer base.

LCCI senior vice president Khalid Usman said that the finance minister’s budget speech failed to provide clarification for most sectors. He highlighted the introduction of a 6 % tax on engine capabilities between 660cc and 1000cc, calling it a burden on the middle class. Usman declared not equal to a 0.5 % reduction in super tax, because Pakistan’s tax rates are already the highest in the region.

He said that energy costs are so high that there is now additional gas in the country, and it has demanded to align gas and electricity prices to increase industrial activity. He said another detailed review of the budget would be after the release of the finance bill.

Former LCCI president Mohammad Ali Mian remarked sarcastically that the budget was “so good that he could not understand.” He criticized the discretionary powers given to the Federal Board of Revenue (FBR), which he said was unnecessary.

Mian Anjum Nisar said that the budget should be given priority to promote investment and expressed disappointment at the less allocation for industry, agriculture and water resources. He warned that the growing cost of doing business was not focused, and that the tax base was already being promoted.