RAWALPINDI: The Rawalpindi Chamber of Commerce has termed the financial budget 2021-22 as balanced and business friendly. Commenting on Finance Minister Shaukat Tareen’s budget speech, Chamber President Mohammad Nasir Mirza said that a detailed position would be given after reading the budget document. However, in general, the budget is balanced. The reduction in withholding tax from 17 percent to 12 percent will help in boosting trade activities.
The tax revenue target of Rs 5,800 billion can be achieved only when new taxpayers are added.
We have reservations about proposing a third party audit. He said that relief of Rs. 42 billion in terms of customs duty is welcome.
Initiatives such as incentives and rewards for sales tax retailers will increase the number of new taxpayers. Good steps have been taken in sales tax and federal excise duty. Appreciate the move to increase the turnover tax threshold for SMEs from three million to ten million.
Group Leader Sohail Altaf said that Rs 900 billion has been earmarked for the development program PSDP which will increase economic activities. However, implementation of the announcements made in the budget should be ensured.
Former Presidents Jalil Ahmad Malik, Raja Amer Iqbal, Senior Vice President Osman Ashraf, Vice President Shahraiz A Malik, members of the executive Committee and Chamber members were also present on the occasion.
