islamabad
Mian Zahid Hussain, the Chairman of the FPCCI Advisory Board and National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the All Karachi Industrial Alliance, and a former provincial minister, stated on Wednesday that the recent federal budget is causing various sections to protest and it is driving the country towards deindustrialization.
He said that the people have lost trust in authorities’ promises, including that of the Finance Minister.
Mian Zahid Hussain said that the gap between the people and the government is widening, which needs to be bridged.
Speaking to the business community, the veteran business leader said that continued load shedding of electricity is adding to people’s woes.
He said that such a budget has never been presented in the history of the country in which milk for infants has also been made expensive.
Thousands of items now face additional customs duty, regulatory duty, withholding tax, and sales tax, which will significantly raise business costs and inflation.
He pointed out that by eliminating the fixed tax regime and imposing sales tax on their local supply, the FBR has left the exporters, who bring $30 billion into the country annually, at their mercy.
In some cases, there has been ruthless discrimination between government employees and general masses which will never be accepted.
He observed that in these circumstances, the Finance Minister has said that whenever the economy improves, the income tax on the salaried class will be withdrawn, but the increasing government expenditure can never help improve the economy.
According to Mian Zahid Hussain, the people’s income has been steadily declining for several years, while taxes continue to rise, leading to a decrease in their disposable income. As a result, millions of people are struggling to meet their basic needs, including food.
