ISLAMABAD: Leading business representatives have expressed mixed reactions to the federal budget, arguing that the salaried class deserved greater relief while welcoming some of the government’s tax-related measures.
Speaking on the budget, SM Tanveer, Patron-in-Chief of the United Business Group (UBG), said the government should have provided additional relief to salaried individuals facing mounting financial pressures.
He praised the reduction in taxes on property transactions, describing the move as a positive step for the real estate sector. Tanveer also welcomed the decision to abolish the ‘late filer’ category, calling it an appropriate measure to improve tax compliance.
Emphasizing the importance of agriculture to the national economy, he said greater efforts were needed to support and expand the sector.
Tanveer further stated that the allocation of Rs3 trillion for defence was necessary given the country’s security requirements and regional challenges.
Meanwhile, Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), said the government had accepted some of the business community’s recommendations in the budget.
However, he voiced concern over the proposed petroleum levy target, noting that it represented an 18 percent increase and could place additional pressure on businesses and consumers.
Ikram also pointed out that the FPCCI had proposed a reduction in corporate tax rates, but the budget contained no measures in that regard.
The comments reflect ongoing debate among business leaders over whether the federal budget strikes the right balance between revenue generation, economic growth and relief for taxpayers.
