RAWALPINDI: The Rawalpindi Chamber of Commerce (RCCI) termed the budget 2018-2019 as a balanced budget, however, trader’s community has reservations about the revenue targets for the next fiscal year set by the government. They expressed hope that the SMEs would make all out efforts to take maximum mileage of the facility announced for them.
Giving his reaction on the proposed budget presented by the Finance Minister Miftah Ismail before the National assembly on Friday, RCCI President Zahid Latif Khan said that a number of good decisions have been part of the budget speech but a comprehensive reaction on this subject would be announced later from the forum of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) after thoroughly studying the proposed finance document. The reduction in discretionary powers of Inland Revenue commissioners and tax audit in three years are laudable.
The President said the announcement of subsidiary and relaxation of duties on fertilizer, agri machinery is laudable as it will help to boost the agriculture sector. We appreciate the measures taken for non filers, this will help to document the economy and increase the tax net.
Zahid latif Khan, however, shown reservations on the allocation of 57 billion for Higher Education, and said that country needs skilled labour at higher level. The universities must get more allocations to promote higher education.
He said that reduction on taxes on dividends will help Pakistan Stock Market and reduction in super tax is also appreciate able.
