Lahore chamber terms Federal Budget as ‘balanced’

While addressing a Press Conference after Federal Budget Speech 2021-22, the LCCI President Mian Tariq Misbah said that reduction in regulatory duties on raw materials will bring down the cost of doing business.

The LCCI office-bearers said that a reduction in regulatory duty will boost the competitiveness of the industrial sector. They said that Pakistani merchandise was facing problems in the international market due to high cost but now the situation will be better.

Chamber office-bearers supposed that on-demand of the LCCI, custom duty and additional custom on raw materials of the pharmaceutical industry have been reduced, which will help to bring down the prices of medicines.

“The package is good for the farmers”, they said in addition that if their problems are solved, the agriculture sector will be developed, crop production will increase and the country will be self-sufficient. They said that 70 per cent population is attached to the agriculture sector.

The LCCI office-bearers said that Development Fund has been increased by 40 per cent as compared to the previous financial year that is a good sign.  This will boost economic activities in the country. “Development Fund considered the engine of growth in the developing countries like Pakistan”, they said.

They said that relief to the construction and housing sector will not only benefit and promote construction activities in the country but will also be beneficial for the allied industries. They said that exemption to the machinery for setting up plants in the Special Technology Zones is a good step. This will help the development of the engineering and IT sectors.

Rs118 billion have been allocated for refunds to the exporters which will solve their financial problems. They said that increase in minimum wages to Rs20,000 will give relief to the lower class.

“Self Assessment Scheme is commendable”, they said and also welcomed the reduction in tax on vehicles. They said that a special scheme should be introduced for the traders as they have tolerated heavy loss due to covid.

LCCI members stated that only Rs91 billion have allocated for the construction of dams which is not sufficient. They said that Pakistan is already facing a shortage of water and new dams are need of the hour. Funds for dams should be increased.

They further indicated that challenges arose because of covid but the tax target has been increased.

“How it will be met”, they questioned.