ICCI terms budget 2020-21 a balanced budget in tough conditions

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ISLAMABAD, JUNE 12 / DNA  / = Muhammad Ahmed Waheed, President Islamabad Chamber of Commerce and Industry (ICCI) has said that the government has presented a balanced budget in the current difficult situation and hoped that this budget would help in promoting business activities.

He said that the government has reduced the customs duty on 40 raw materials of various industries and reduced the customs duty on 90 tariff lines from 11% to 3% or zero% which is very encouraging. The government has also reduced regulatory duties on a number of industrial inputs that would hopefully reduce the production cost. He said this while giving his initial reaction on Federal Budget 2020-21.

Muhammad Ahmed Waheed said that the government has increased the minimum threshold of supplies by retailers for obtaining CNIC of the buyers from Rs.50,000to Rs.100,000 which is a positive move. He said that the government has also reduced the federal excise duty on cement from Rs.2 per kg to Rs.1.75 per kg which will reduce the price of cement and boost construction activities. He said that the government has proposed some amendments to simplify the withholding tax system which will hopefully benefit the business community. He said that the most welcome step was that despite the difficult financial situation, the government has not imposed any new tax in the budget.

The ICCI President said that Pakistan was in dire need of boosting exports at the moment to revive the troubled economy and therefore demanded that the government should announce better incentives for exports and information technology sectors in order to increase our exports and boost investment. He said that in view of the current difficult situation, the government has presented a better budget and hoped that government would include further suggestions of the business community to create more conducive business environment in the country.