The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has raised serious objections to the Finance Bill-2019 and threatened to shut down their businesses if their demands are not met.
The Chairman of the FPCCI, Daroo Khan Achakzai, at a press conference said that the anomaly committee was going to put forward recommendations for Prime Minister Imran Khan and the Chairman of the Federal Board of Revenue (FBR) Shabbar Zaidi on Thursday.
“I hope the Prime Minister will take our advice to heart. Otherwise the business community will have to consider all of its options, including strikes” he said.
“This budget has given a serious blow to trade and industry, especially the export sector and we have no choice but to take drastic actions next” he added, explaining that the rise in devaluation of the Pakistani rupee and the raise in policy rate to 12.25 percent has caused this.
The demands of the FPCCI include restoring the Zero Rating Regime for five export sectors, and demanded that sales to unregistered persons be continued against the payment of 3% tax. He also complained that the constant increase in gas and electricity tariffs has hit the export industry.
Meanwhile,
Adviser to Prime Minister on Finance Abdul Hafeez Sheikh has invited the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) members to work out a viable strategy so that anomalies in the budget could be removed.
This was disclosed by Pak-US Business Council President and United Business Group (UBG) Chairman Iftikhar Ali Malik in a statement issued on Wednesday.
He said the finance adviser intends to address the genuine grievances of the business community so as to help accelerate the economic activities in the country.
“Our members have this opportunity to discuss the matters of mutual interests, particularly with regard to trade and industrial facilitation.”
He said FPCCI President Engineer Daroo Khan, UBG Patron-in-chief SM Muneer, former FPCCI president Zubair Tufail, SVP Mirza Ikhtiar Baig and other prominent business leaders would deliberate on the economic agenda as well as the road map of government priorities.
