Karachi: Mr. Atif Ikram Sheikh, President FPCCI and Dr. Gohar Ejaz, former federal commerce minister – who are jointly chairing FBR’s Anomaly Committee 2024 from the business side – called a high-profile meeting of all chambers, trade bodies and associations at FPCCI; and, discussed the glaring anomalies in the Finance Bill and federal budget 2024 – 25 in detail on a sector-to-sector basis.
It is pertinent to note that Mr. Atif Ikram Sheikh, President FPCCI, will be presenting the dossier of anomalies from the entire business, industry and trade community of Pakistan to the federal minister for finance and revenue to be reviewed by federal government’s economic team and the prime minister to remove or resolve anomalies from the federal budget 2024 – 25.
Mr. Atif Ikram Sheikh explained that, being the apex body, FPCCI will provide the government with the collective, aggregated, comprehensive and descriptive list of anomalies that are creating confusion, discontent and apprehensions. We deserve a friendly budget for the businesses, industry, exporters and the economy as a whole, he added.
Mr. Atif Ikram Sheikh maintained that one of the primary measures in the budget that need to be reviewed immediately is withdrawal of fixed tax regime. Exporters across all industries have unanimously demanded that fixed tax regime should be restored; under which 1 percent tax on export proceeds is levied. Exporters are the backbone of country’s economy; and, this particular anomaly needs to be addressed as the top most priority to protect them, he added.
Dr. Gohar Ejaz stressed that it is imperative to amend the finance bill to take out its regressive and contractionary measures to keep the economy afloat, curtail inflation, keep current account deficit in control, enable exporters to grow, create jobs and generate revenues.
Dr. Gohar Ejaz added that Pakistani trade and industry is already at a disadvantage as compared to the region due to unbearable cost of doing business; which has been driven up due to electricity and gas tariffs; inflationary pressures in the economy and inconsistencies in economic policymaking.
Mr. Saquib Fayyaz Magoon, SVP FPCCI & Focal Person for anomalies in federal budget 2024 – 25, said that imposition of enhanced taxes on salaried class will further fuel the brain drain from Pakistan; which is already suffering from the shortage of skilled workforce for its industry. In view of fairness, the government should not tax the already taxed even further, he added.
Mr. Magoon further said that FPCCI advocates that the finance bill should be amended in way that promotes industrialization in the country; facilitates import substitution; empowers youth through skill development; diversification of export basket; promotion of IT & other emerging technologies and reducing cost of doing business.
Brig Iftikhar Opel, SI (M), Retd.
Secretary General
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