LAHORE– Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Anjum Nisar said that “Federal Budget for the fiscal year 2020-21 can be termed as survival budget not a revival Budget”.
The turnover Tax rate has been reduced from 1.5% to .5 % additional Regulatory Duty (RD) and Federal Excise Duty (FED) are also reduced. It has turned out a Neutral and conventional budget and copious details will be observed in near future. It is still expected that relating commerce & Industry mini budget will be announced soon and will contain betterment for our economy.
He said that CNIC limit on purchases has increased to 1 Lakh. It is highly appreciated to discourage tobacco use of luxury items tax has been increased.
It is only useful to overcome pandemic COVID-19 situation. On the other hand issues pertaining commerce and trade are concerned still are outstanding and could have been addressed in this budget included ease of doing business still has room for the improvement, amid pandemic COVID-19 government has neglected major portion of sectors though have considered cement Industry and has increased capital gain which is admirable.
FPCCI Regional Chairman & Vice President Dr. Muhammad Arshad said that rather criticizing on government decision we should wait and see for the optimal interventions in this budget later on.
He also said that personally I did not expect much from this Budget because it has only announced as a customary.
He also said that resources are scarce and issues are critical. We should request our international community for remittance and special monetary or any other kind of aid to overcome this special situation. Agriculture is also affected by locus drastically. We have to wait and see for the results of this budget. Better understanding of budget will be after having complete budget feature.
FPCCI coordinator Muhammad Ali said that this Federal Budget for the fiscal year 2020-21 has announced certainly with some hidden burdens balancing the overall relief. Targeted GDP growth of 2.1 % is another challenge to meet in this harsh situation provided normal situation.
This budget is a mandatory budget and has to be announced but this is a survival budget not a growth or revival budget. We understand that world is facing pandemic COVID-19. Lockdown of three months has crippled our businesses. Capital gain has increased and cement center has provided relief and it is worth praising. As far as pressing issues are concerned they are still remained outstanding.
