LAHORE: Traders and industrialist have appreciated federal government measures taken in the Budget 2016-17 for customs duty while overall they gave mixed reaction and many saw devil in the detail.
While talking to Customs Today on the sidelines of a special function arranged by Lahore Chamber of Commerce (LCCI) for the industrialist businessmen and traders to watch Budget 2016-17, PIAF Chairman Irfan Iqbal Sheikh said that the budget 2016-17 is in no way a business-friendly budget as the government has not taken any special measure to encourage industrialists to install new industries. He said that the government has discouraged the real estate sector by imposing taxes while agricultural sector has also been paid extra attention and incentives are announced for the sector.
Mian Anjum Nisar ex LCCI President said that no special system has been announced to broaden the taxes base and it seems that existing taxpayers would further be squeezed.
However, he lauded the government’s measure in reducing tariff slabs is reduced from existing 5 to 4 by merging 2% slab and 5% slab in new 3% slab.
LCCI President Nasir Saeed told Customs Today that Finance Minister Ishaq Dar under the dynamic leadership of Prime Minister Muhammad Nawaz Sharif has presented a truly balance Budget 2016-17.
He said that reduction in customs duty slabs is laudable while agricultural sector has been given landmark relief while customs duty for dairy, livestock and poultry sectors has been reduced to a significant level and concessions of customs duty to fish farming, fish feed pellet (floating type) machines are also laudable.
He said that the government has paid special attention to cottage industry and agricultural both are backbones of the Pakistani economy.
He also lauded the huge allocation for the energy sector which will help tackle the energy crisis when 15000 megawatts electricity will be added to the national grid station industrial sector could also work properly. He also appreciated 60 percent revenue collection increase in three years of the incumbent government.
PMLN Punjab Traders Wings President Muhammad Ali Mian lauding the budget told Customs Today that concessions of customs duty for dairy, livestock and poultry sectors from pc to 2 pc while concessions of customs duty for fish farming, fish feed pellet (floating type) machines from 5% to 2%, fish / shrimp feed 10%& 20% to 0% were the landmark relief decisions of the government. He added that overall budget was people friendly for which the government should be given the credit.
LCCI Senior Vice {resident Almas Haider told this scribe that apparently the budget seems fine but devil is always in the detail and things would be clear in a day or two.
