Business community terms federal budget 2022-23 as balanced

RAWALPINDI, Jun 10 (APP): The Rawalpindi Chamber of Commerce and Industry (RCCI) has termed the fiscal budget 2022-23 balanced under a challenging economic environment.

RCCI President Nadeem Rauf, while giving remarks after the budget speech, said the fixed tax scheme for small traders would increase the tax net.

Nadeem said that the announcement of setting up Alternative Dispute Resolution Committees (ADRCs) for resolving tax disputes was a welcome step; however, the business community has reservations about setting up a 100 million limit and mechanism.

While lauding the tax exemption on solar panels, he said that it would ease the load on power management and termed it an environmentally friendly initiative.

He hailed the allocation of a significant amount of Rs 364 billion for Benazir Income Support which would provide relief to the marginalized sections of the society.

For those earning less than Rs 40,000, a monthly announcement of Rs 2,000 is also a welcome step, he added.

He also lauded the announcement of incentives for the IT and textiles sector, adding five to ten years of tax rebates on IT sector investments would strengthen these sectors’ growth.

Nadeem said a detailed version would be presented after reviewing the budget documents.

Meanwhile, President Traders Welfare Association, Punjab Sharjil Mir, hailed 73 billion on electricity allocation that will help improve the transmission system.

“The export target for next year has been set to 35 billion dollars, which is realistic,” he added.

Mir further said that a significant relief had been given to the salaried class, changing the tax slab from Rs 600,000 to Rs 120,000 while raising the tax bracket for small business people from 0.4 million to Rs 0.6 million was also a hallmark step of the government.

He added that exemption of complete custom duty on pharmaceutical ingredients would relieve the people during this high inflation time.