LAHORE (APP): Pakistan Industrial and Traders Associations Front (PIAF) has welcomed the federal budget 2018-19 and termed it balanced and beneficial for businesses and trade.
PIAF Chairman Irfan Iqbal Sheikh, Senior Vice Chairman Tanveer Ahmed Sufi and Vice Chairman Shahzeb Akram told APP here Saturday that in the present situation, when dollar price was scaling up and other internal and external challenges are facing the country, the federal government prepared a balanced budget document.
The initiatives announced in the budget would promote business activities and help create more employment opportunities thus ensuring alleviation of poverty to some extent, they opined.
Irfan Iqbal Sheikh mentioned that the federal government took a good step of abolition of duty on imported paper being used for printing of Holy Quran, and it would revitalise the country’s paper industry.
Regarding tax audit for industry/trade, PIAF Chairman also appreciated the government for bounding the tax audit for industry/trade once in three years instead of every year. He was of the view that this would help stabilise the businesses and promote industry as well as bridge the trust deficit between public and private sector.
Irfan Iqbal also demanded the government completely abolish the Section 38-b pertaining to Federal Board of Revenue (FBR) so as to create space for the business community to expand their businesses without any fear.
The Front’s SVC Tanveer Ahmed Sufi said though reduction in withholding tax on banking transaction from 0.6 to four per cent was a good sign, complete elimination of this tax would be instrumental in speedy promotion of business and trade activities.
Sufi was of the view that amnesty scheme would prove to be beneficial for the economy and encourage the people to get themselves registered with tax collection authorities. He urged the business doing people to get optimum benefit of this opportunity and become filer that would be in the best interest of the businesses/industry.
While, Vice Chairman Shahzeb Akram said that there was not much relief for the industry especially the textile sector and the filers in the budget document.
He added that budget document did not give any solution to the business community for their tax refund issues, which must have to be resolved on priority basis