In his reaction on the speech of Federal Finance Minister in National Assembly on Wednesday, the HCCI President said that 50 percent reduction in small medium enterprises, industrial and agriculture sectors of the country, and allocation of Rs 5 billion for housing schemes would not only improve the economy but it would also be beneficial for common men of the country.
He said five-year tax exemption in special economic zones would bring a new era of industrial development and reduction of taxes on newspapers industry would also benefit the industry of the country.
He said abolition of withholding tax on bank deposits was also a better decision however; the government should also review the reduction of imports which could decrease the quantum of taxes.
Former senior vice president HCCI Turab Ali Khoja however expressed his concern regarding overcoming the shortfall of Rs 170 billion in revenue collection, adding that details regarding imposition of more taxes were still not ascertained yet. He was of the opinion that common men would not get benefit with reduction of tax on marriage halls.
Former vice president HCCI Ziauddin Qureshi termed the reduction of taxes upon filers a right decision and emphasised that the government should provide maximum incentives to SMEs so that doors of employment for jobless people could be opened with rapid development of this sector.