LAHORE: Pakistan Industrial and Traders Associations Front Chairman Irfan Iqbal Sheikh has said that over $60 billion are being sent by the overseas Pakistanis of which only $20 billion are sent through the banking channels while $40 billion are being sent by bill of discount for which the government has announced no policy.
He expressed these views while giving his reaction to Customs Today on the Federal Budget 2018-19 while other traders and industrialist also reacted. The government should have presented a comprehensive plan to support the aggravated trade deficit, he said.
Industrialists and traders Sheikh Shahid and Muhammad Ali Mian said that the government has presented tax free budget while reforms in alternative dispute resolution is a good step.
Muhammad Ali Mian said that withdrawal of Federal Board of Revenue (FBR) officers’ discretionary powers is also praiseworthy which would save the businessmen from harassment enabling them to conduct their business peacefully.
Sheikh Shahid said that filers should be respected by removal of withholding tax of 0.3 for the filers so that non-filers choose to be filers.
He said that reimbursement of refunds is impossible in twelve months of the financial year as the government would no more after May.
LCCI executive member Awais Pracha said that the budget has been presented for the corporate class as the small traders and industrialists have been ignored.
The budget was nothing more than just the number gimmicks as exports have declined in the five years, rupees is being losing its value creating inflation, he said, adding that imported raw material has been imposed one percent duty while regulatory duty is also not been explained.
Illegal smuggling has been protected by not removing regulatory duty on various items, Kh. Khawar said. Zeshan Khalil said that trade and industry expectations have not been met by the government in the budget 2018-19.
