Businessmen propose tax and duty cut in budget

Budget tax

Islamabad – Staff Reporter:

The Pakistan Business Council (PBC) has proposed that the government should cut taxes in the upcoming budget, which will give a boost to the domestic industry.

It also called for reducing the sales tax and customs duty on machinery imports as well as abolishing the regulatory duty on tyre industry.

The business lobby group emphasised that the National Electric Power Regulatory Authority (Nepra) should hold competitive bidding for tariff determination for renewable energy projects.

Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar held a virtual meeting with members of the PBC, a private business policy advocacy forum.

Adviser to Prime Minister on Commerce Abdul Razak Dawood and Special Assistant to Prime Minister on Energy Tabish Gauhar also joined the meeting.

They discussed the business opportunities and ways of enhancing industrial growth and ensuring sustainability.

The minister emphasized that the government was committed to providing all assistance to the manufacturing sector by enabling more Pakistani entrepreneurs and businessmen to explore the opportunities available within the country and across the world.

PBC representatives appreciated the support provided for establishing their footprint in overseas markets and for increasing exports in the midst of the Covid-19 pandemic.

They expressed their resolve to work with the government in order to bolster trade and investment in the country.

Bakhtiar also met with a delegation of the Federation of Pakistan Chambers of Commerce and Industry at the Ministry of Industries and Production.

PM aide Dawood and Ministry of Industries and Production Secretary Sohail Rajput also attended the meeting.

The delegation presented its proposals for the upcoming budget in an effort to promote industrialization and competitiveness in the industrial sector.

The minister stressed that every possible effort would be made to protect and promote the industry. He called the industry the backbone of the economy and important for employment generation.

“The government is willing to address all the issues faced by the industrial sector,” he said.

The minister assured the industrialists of support for sustainable economic growth in the country.

He pointed out that the government was working on a new SME policy to promote small-scale industries and urged the body to take the lead in the consultative process.