KARACHI: Chairman Businessmen Group (BMG) and former president of the Karachi Chamber of Commerce and Industry (KCCI) Siraj Kassam Teli has advised the office-bearers of the chamber to fully utilise all available resources and every single platform to bring budget 2016-17 anomalies in the notice of decision makers in Islamabad with a view to get them amicably resolved.
At a well-attended post-budget meeting held at KCCI, areas came under discussion pertaining to further overburdening the existing taxpayers by imposing new taxes, enhancing the existing tax rates and granting more discretionary powers to Federal Board of Revenue (FBR).
The meeting participants pointed out that the federal budget and Finance Bill 2016-17 have entirely focused on Tariff and Tax concessions granted to feudal lords and land gentry. Thus, they feared that the loss of revenue was likely to be recovered from the industry and trade based in urban areas through additional taxation measures amounting to Rs 204 billion.
They said the recently announced budget has not focused on dealing with falling exports. Pakistan needs to expand export markets in regional countries, particularly with countries with whom FTAs (Free Trade Agreements) and PTAs (Preferential Trade Agreements) are inked.