Islamabad Industrial Association President Omais Khattak has said the federal budget has not met the expectations of the industrial sector, particularly small and medium-sized businesses.
In a statement issued in response to the budget, Khattak said the business community had expected meaningful relief, but those expectations were not fulfilled.
He said the corporate sector and large-scale industry had received some relief through a reduction in super tax, but small and medium industry had not been given comparable support.
Khattak said the increase in petroleum levy would raise the cost of doing business for industries. He also criticised the expansion of withholding tax to associations of persons and individuals, saying the business community had expected a reduction instead.
The Islamabad Industrial Association president welcomed the government’s announced reforms for the Federal Board of Revenue, but said their real impact would depend on effective implementation.
He also described the proposed elimination of customs duties on raw materials as a positive step, but said industry would need to see how much practical reduction is actually made.
Khattak said the government had promised improvements in the business environment, but no clear announcement had been made in this regard.
He welcomed the increase in salaries and pensions, but said the rise did not fully match the impact of inflation.
Overall, he said, the budget had fallen short of the expectations of small and medium-sized industry.
Also Read : slamabad lockdown hurting businesses, govt must act: IIA president Omais Khattak
Today's E-Paper