Sunday, December 4, 2022

Business community termed supplementary finance bill as ‘positive’


Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]
The business community has termed the 2nd Supplementary Finance Bill positive and pro business.


President Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Daru Khan Achakzai appreciated the economic reform package announced by the Finance Minister Asad Umar saying, “the package has accommodated the recommendations of the business community,” Achakzai said and assured all cooperation of the business community.


He said that reducing income tax rates for banks’ profits derived from SME, agriculture and low-cost housing financing would encourage investment and business expansion.


Senior Vice President FPCCI Dr Mirza Ikhtiar Baig hailed proposal to reduce duties on import of raw materials adding this would bring cost of doing business down, which was a long demand of the business community. He said that country’s exports would increase to $40 billion in three years.


Zubair Tufail said withdrawal of withholding tax on bank transactions for filers would benefit both traders and common man alike. Business leaders are of the view that allowing non-filers to buy up to 1300cc car will encourage people to become filers.


Tax on marriage halls reduced by Rs15,000.


Tax on house financing reduced by 19 percent.


Withdrawal of withholding tax on stocks trading.


Withholding tax on cash withdrawals removed.


Import duty on newsprint import exempted.


Super tax on non-banking companies removed.


Five year tax holiday for new Greenfield plants.


Duty/tax on industrial machinery exempted.


Tax on low-end mobile phones reduced by Rs350.


Tax increase on luxury cars and high-end mobile phones.


A total of Rs600 billion tax relief on raw material import.


These are salient features of the mini-budget presented in assembly.


Contrary to the claims of opposition, the mini-budget brings relief. It is surprising that the opposition rejected the 2nd amendment bill without even listening to it. It should be noted that people have elected these representatives for legislation in the assembly and not for rumpus, they created in the house.



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