RAWALPINDI: The Rawalpindi Chamber of Commerce (RCCI) termed the budget 2017-2018 as a balanced budget, however, below expectation for trader community and expressed hope that the agri based business 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 Ishaq Dar before the National assembly on Friday, RCCI Acting President Khawaja Rashid Waien 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 Acting President said that trader community was having great expectations from the budget but the relief for masses was not up to the mark. He said the announcement of subsidiary and relaxation of duties on agriculture machinery is laudable as it will help to boost the agriculture sector. However, we have concerns on Duty imposed on Cement and increase in capital gain tax on dividends and securities. We appreciate the increase in taxes for non filers, this will help to document the economy and increase the tax net.
Rashid Waien also lauded the increase in PSDP, 2100 billion allocations for next budget. Lowering corporate sales tax to 30% is a good step, he added. However, shows concern on the extension of super tax.
