KARACHI 0 Dr. Mirza Ikhtiar Baig Former SVP Federation of Pakistan Chamber of Commerce & Industry (FPCCI) & Secretary Information United Business Group (UBG) of Pakistan, called Budget 2021-22 a balance Budget. He said under the present COVID pandemic and IMF program, the budget announced highlights correct economic issues and their redressal, he appreciated reduction in indirect taxes mainly withdrawal of 12 withholding taxes, reduction in sales tax, capital gain, incentives for SMEs & IT sectors and relief to a common man. These relives will increase confidence of the investors in stock market. He congratulated FBR for achieving historic revenue collection and reforms for the refunds of sale tax to the exporters under FASTER system which has improved cash flow of the exporters enhancing exports.
Dr. Baig expressed concern on longer period of 6 to 7 years to control circular debts already crossed Rs. 2400 billion in which 40% of capacity charges are payable to Govt owned power plants, one of the main reason for increase in circular debts, Govt should reduce & contain them on priority but it seems Govt wanted to transfer these important issue to the next Govt. The proposed private sector committee to privatize or restructure state owned loss making enterprises without having any mandate will not be successful as under the law said power lies with Privatization Board, formation of private sector committee after three years in the Govt is not understandable. He agreed with Govt’s strategy to revive agriculture sector and export led growth for economic revival as Pakistan is becoming net importer of food items and important crops like wheat, sugar, edible oil, cotton, whereas at one time we were the net exporter of the food grains in the region. Father of the Nation dreamed Pakistan an agri-industrial country but we made it a trading nation!!!
