Lahore: The Mini Budget is tantamount of adding insult to the injury as the the rate of inflation was already skyrocketing and removal of sales tax exemption will be another blow to the fragile economy, making survival tough for both common-man and the trade and industry. The government is required to review the budget in consultation with stakeholders.
This was the crux of the Awareness Seminar on Mini Budget (Finance Supplementary Act, 2022) at the Lahore Chamber of Commerce and Industry (LCCI) by Standing Committee on Finance and Taxation on Thursday.
Friends of Economic and Business Reforms president Kashif Anwar said that this act of the government will hurt the economy because manufacturing, import and export will have direct impact.
The trade and industry which have been facing neumrous untoward situation including Covid-19, cannot bear the latest below in the shape of Mini-Budget.
“The things will now move from bad to the worst. Trade, industry and the common-man all are facing the worst ever time of the lives so far as the economy of the country is concerned, Kashif said, adding that the government need to take immediate measures to settle the dust of the Mini-Budget,”.
FCA Hassan Ali Qadri said, “when we impose and enhance indirect tax es we actually are supporting capitalism and in the recent Mini Budget the government has done the same which will prove catastrophic for the economic health of the country”.
He said that direct taxes have not been touched in the budget which is surprising in a sense to whom the government is serving.
Tax Expert Muhammad Dawood said that removal of the sales tax exemption will have serious consequences both for importers and exporters.
“The registered import will have a hard-hit while the Informal economy including smuggling will make further routes,” he said.
Tax Advisor, Asiq Ali Rana said that the Mini Budget must be revised in due consultation with the stakeholders including trade and industry.
A famous businessman, Ansar Saeed, said that the Mini Budget should be interpreted by the the government for common-man.
Secondly, the government should have broaden the tax net instead of introducing the Mini Budget.
Hamid Ullah Khan, Sadiq Sabir, Shammim Akhatar and others were also present on the occasion.
https://en.baaghitv.com/continuity-of-tax-exemptions-on-solar-food-items-good-lcci/
