The Rawalpindi Chamber of Commerce (RCCI) termed the budget 2019-2020 wooly and below expectation for trader community and expressed hope that the measures announced by finance ministry will help in documenting the economy and broadening the tax net.
Giving his reaction on the proposed budget presented by the Advisor on Finance Hammad Azhar before the National assembly on Tuseday, RCCI President Malik Shahid Saleem said that a number of good decisions have been part of the budget speech but a comprehensive reaction on this subject would be announced later after thoroughly studying the proposed finance document.
The RCCI President said that trader community was having great expectations from the budget but the relief for masses was not up to the mark. He said the lifting of bar on non-filer for property purchase is laudable as it will help to boost the real estate sector. However, we have concerns on Duty imposed on Cement as it will double the construction cost of housing.
Malik Shahid Saleem said that Government has set 5545 billion revenue target which is very unrealistic keeping the fact that it already facing short fall of 400 billion.
RCCI President also lamented on increase in sales tax on poultry, cooking oil and said that this will disturb kitchen budget of salaried class.
He also demanded to revert back increase in sales tax on CNG and federal excise duty imposed on cars upto 1000 CC.
Malik Shahid Saleem also urged FBR and Finance ministry to make even treatment while placing slabs for income tax on salaried and non-salaried class.
He lauded allocation for PSDP and CPEC projects as this will help to run economic activities and industry growth.
He also appreciated allocation for HEC.