UBG sends 40 budget proposals to federal government

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LAHORE March 9 : United Business Group (UBG) on Friday sent  a  set of 40 growth oriented proposals for the upcoming federal budget 2021-22 which would help the government for accelerating the pace of economic activities in wake of pandemic of coronavirus.

Chairman UBG and President SAARC Chamber Iftikhar Ali  Malik briefing the  media here today after chairing core committee meeting of the group said Pakistan’s economy is passing through a challenging phase due to the outbreak of COVID-19 pandemic. “The most impacted section of our society is the manufacturers, traders, retailers, importers and exporters and business community are in a distress and facing huge financial losses due to current emergency situation,”.

He said UBG in its budget proposals amid Covid-19 economic scenario suggested deferment of interest payments of the businesses for six months, grant of exemption from the payment of Sales Tax on imported plant, machinery, equipment and components, reducing electricity tariff for all the sectors to 7.5 cents/kwh.

He said It also suggested  that source of income should not be asked on any kind of investment in any sector of the economy for the next two years.

Iftikhar Malik further said that a huge amount of income tax and sales tax refunds was pending with FBR due to which business community was facing liquidity issues and suggested that FBR should speed up the process of their payment or allow their adjustment against payable taxes.

He said that the government had to focus on enhancing business relations with other countries as no country in the current era could progress on its own.

He also underlined the need for enhancing exports, reducing imports and also giving incentives to the expatriate Pakistanis to invest in their homeland and open their business here.