ISLAMABAD (July-01-2024) Former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr. Shahid Rasheed Butt, said on Monday that the government is constantly increasing its perks and privileges and also escalating the burden on the masses.
The backbreaking of the people continues while the interests of the elite are being nurtured, he added.
Shahid Rasheed Butt said this in a statement issued here today that the current budget is directionless and not according to the ground realities; therefore, it will fail to play any role in the country’s development.
The budget is focused on providing undue benefits to the upper classes at the cost of masses and economy. It will make rich class richer and more influential.
Shahid Rashid Butt said that mini-budgets will continue to emerge from the womb of this budget, the target of which will be the people.
He said that the budget measures will increase poverty, anxiety, and unemployment. FBR’s 94% of income is spent on loans and interest payments. The country will need more loans to please politicians and cater to defense and developmental needs.
This budget will cause public unrest, and many businesses will close, and production will decrease because its targets are not realistic but based on expectations and assumptions.
The controversial budget will not decrease but will increase the deficit, which will cause more loans to be taken.
Shahid Rashid Butt said that the government does not have any plan to increase its income without increasing the burden on the poor people, nor does the budget have any economic direction.
As a result of the budget, it seems difficult to impose taxes on wholesalers and retailers. At the same time, politicians stand in the way of taxing agricultural income.
Farmhouses in Islamabad are being taxed, but this will never be done nationwide to please the elites.
As a result of the budget measures, taxpayers will be squeezed. At the same time, tax evaders will remain insulated and continue to enjoy life.
He noted that by raising taxes on imports, smugglers are being encouraged. Tax authorities can improve matters by increasing direct taxes if they want, but they are not allowed to do so. In these circumstances, looking for local or foreign investment is self-delusion.
