RAWALPINDI, Jun 12 (APP):Rawalpindi Chamber of Commerce and Industry (RCCI) welcomed the decision of federal government for not imposing any new tax in the budget 2020-2021.
Giving reaction on the proposed budget presented by Special Assistant to the Prime Minister on Youth Affairs Usman Dar in the National assembly on Friday, RCCI President Saboor Malik termed it a balanced budget.
He expressed satisfaction that chambers demand to extend the construction sector scheme upto June 2021 has been accepted which was due to expire in December 2020.
Saboor said the announcement of condition of CNIC which was earlier fifty thousand is now proposed to be extended to one hundred thousand is laudable.
The President praised the reduction in tax on raw materials from 5.5 % to 2% while issuance of tax refunds was also a commendable step of the government.
However he demanded the govt to review its revenue target of Rs 4963 billion as it does not reflect the ground realities
The President said a comprehensive reaction on the budget proposals would be announced later by the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) after thoroughly studying the proposed finance document.