PESHAWAR: The business community of Khyber Pakhtunkhwa termed the fiscal budget 2015-16 as realistic and balanced, and appreciated the federal government initiatives have been proposed for brining economic stability and development of the country in coming financial period.
“The PML-N led federal government has presented a historic, progressive, and business-friendly budget for next financial year 2015-16 under the prevailing circumstances, which is reflecting its commitment to make the country Asian tiger and economic giant in the region, this was stated by president of Khyber Pakhtunkhwa Chamber and Commerce, Faud Ishaq while speaking media after the presentation of federal fiscal budget at the chamber house here on Friday.
He said the all proposals of KPCCI have been incorporated in the fiscal budget 2015-16, and appreciated the federal government for its eagerness towards revival of terrorism-affected businesses and industrial activities and economy of Khyber Pakhtunkhwa.
KPCCI chief reminded the KP had played front-line province in the ongoing war against terrorism, and its people rendered matchless sacrifices, particularly business community remained resilient and continued their businesses despite all odds.
Commenting in the salient features of the federal fiscal budget, Mr Ishaq said the business community in KP, will regain benefit of previous fiscal relief package, which took back by imposition of section 113 to re-collect turnover on sale and income tax. He said another foremost demand to waive off loan of widow of martyred people, which has been accepted by federal government through the federal budget.
Owing to federal government-business friendly policies, KPCCI chief expressed hope that the Khyber Pakhtunkhwa has again become cardinal of peace and would come investors in the province. He also appreciated the initiatives for sustainable economic-growth, pro-poor measures, tax-reforms, alongwith measures for development of agriculture, energy, solar power sectors, improvement of exports, particularly tax-exemptions on construction materials. He also lauded the increase into Benazir Income Support Programme funds.
He said the tax exemption on building materials, would give boost to real-estate businesses, and could be enabled to low and working class to construct houses, besides, he added, the step would also generate employment opportunities across the country.
Faud Ishaq said the ample steps have been taken for overcoming with the growing energy crisis in the country. He said the budget deficit has been restricted to 5%, through better financial management policies of the federal government, which is strongly commendable, adding that inflation ratio has been reducing at optimal level in the country.
Similarly, he said the issue relating to export of perishable items, would be resolved following endorsement relevant proposals by government in the fiscal budget. He furthermore said the government had also made commitment to clear all refunds cases to traders of Khyber Pakhtunkhwa by August in this year. “The Gross-Domestic Product (GDP) to depth ratio is not bad, as the federal government better financial policies and business-friendly initiatives, would improve the GDP growth in the coming day, Mr Ishaq expected.
KPCCI chief also expressed hope that Khyber Pakhtunkwha fiscal budget 2015-16, will be pro-business and supportive for revival of terrorism-torn economy and businesses in the province. He further opined that cumbersome economic conditions, and ongoing war against terrorism, would be improved in coming day with placement of better financial management policies, like federal government.
