News Column

FPCCI for immediate constitution of commission on budget

July 3, 2014

FPCCI President Zakaria Usman has urged the government for immediate constitution of the commission so that all anomalies and irritants in the national budget FY14 raised by the business community can be addressed before incorporation in the financial bill.

“This would be in the great interest of the economy and the nation,” Zakaria said in a statement here on Wednesday.

Federal Finance and Economic Affairs Minister, Senator Muhammad Ishaq Dar during his budget speech had recognized FPCCI’s proposed shadow budget and announced to form a separate commission to review the shadow budget of FPCCI exclusively, FPCCI Chief said.

FPCCI has already submitted all anomalies and irritants of the budget along with its suggestions to the Federal Government and Chairman, Federal Board of Revenue (FBR), said President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

Zakaria Usman, however expressed his satisfaction over the work on budget in progress in the government circle.

He assured the Government that FPCCI will closely work with the government’s commission for reviewing FPCCI’s highlighted budget anomalies and irritants and proposals thereon. These include proposals of cutting sales tax to single stage and single digit from existing 17%, non-adjustable, based on no-input-no-refund mechanism.

He expressed the hope that this would instantly result in positive cash flow for business, as being a consumption tax, it directly influences inflation, induces tax evasion, corruption, smuggling etc.

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Source: Frontier Star (Pakistan)

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