RAWALPINDI, Jun 02 (APP): The Rawalpindi Chamber of Commerce and Industry (RCCI) has voiced expectations for balanced relief measures in the upcoming federal budget, emphasizing the need for a growth-centric and inclusive economic strategy.
In a joint statement, RCCI President Usman Shaukat and Group Leader Sohail Altaf expressed hope that the recommendations outlined in the All Pakistan Chambers Presidents’ Conference joint declaration would be incorporated into the federal budget, promoting a balanced and sustainable economic environment.
RCCI urged protection for the local automobile industry. Tax relief should also be granted for locally manufactured vehicles to support domestic production, generate employment, and promote allied industries.
RCCI proposed reduced taxes and customs duties on auto parts and raw materials to cut production costs. Also, RCCI recommends raise in the loan ceiling for car financing via commercial banks.
The RCCI leadership further emphasized the policy priorities including encouraging investor confidence, curb the unnecessary issuance of SROs by the FBR, avoid placing any additional tax burden on existing taxpayers, offer of incentives for tax net expansion, promotion of digitization and announce a comprehensive construction package to address housing shortages.
The RCCI urged the government to extend relief and growth measures in key economic sectors, including, textile, IT, agriculture, engineering, automobile sector and pharmaceutical domain.
These sectors should benefit from tax exemptions, export rebates, technological upgradation incentives, and improved access to global markets.
