Korangi Association of Trade and Industry (KATI) President Saleem-uz-zaman said that in view of the COVID19 pandemic and other factors, the government should keep its expenditure to a minimum in the upcoming budget for the betterment of the economy and the people. He welcomed the statement of Finance Minister Shaukat Tareen in which he emphasis on increasing the tax net instead of increasing the rates on existing tax payers.
Saleem-uz-Zaman said that it was inevitable to increase the tax net in the face of inflation and economic difficulties. Instead of imposing more burden on existing taxpayers, it is important to include those who do not pay taxes.
He said that in the next budget, the government should bring non-development expenditure to a minimum, adding that the current situation demanded that the budget should be people and business friendly.
He said that a large portion of the budget from the federation and the provinces should be utilized for the welfare of the people, elimination of unemployment and in the health and education sectors on priority basis.
President KATI said that the industrialist and the business community have been constantly emphasizing that urgent steps are needed to reduce the cost of production, the government should introduce new policies to facilitate the taxpayers and spread the tax net, also make necessary regulations to reduce Income Tax, Sales Tax and Federal Excise Taxes. Failing to which people who are suffering from inflation cannot bear the additional burden.
Saleem-uz-Zaman said that the government should introduce long-term and short-term plans and positive policies to improve the economic indicators so as to increase exports, reduce unemployment and accelerate economic prosperity in the country.
President KATI hoped that the government would take special measures in the budget for the next financial year to provide affordable electricity and gas to industries and the people.
