Budget proposals taken ‘very seriously’

Trade bodies, associations say their proposals were considered.

KARACHI: With the budget announcement just a few days away, Prime Minister Nawaz Sharif cabinet’s blue-eyed boy Ishaq Dar has at least succeeded in one thing.

The finance minister, through his active consultation process, has convinced all important trade bodies that the government is taking their budget proposals ‘very seriously’.

No trade body or association can say for sure what exactly is going to come out from this budget, but they are optimistic that the finance minister and Federal Board of Revenue (FBR) have given ample thought to their concerns.

“This time the tax authorities and the federal minister have listened to our budget proposals very carefully and discussed issues at length. That is why we are hopeful that the government will take some steps to broaden the tax net,” American Business Council President Saad Amanullah Khan told The Express Tribune.

Replying to a question, he said, “We know that the government cannot accept everything we propose. Even if some suggestions have been rejected, reasons behind this have been conveyed.”

With the passage of time, it seems that the corporate sector of the country is becoming more active. Overseas Investors Chamber of Commerce and Industry (OICCI) – an increasingly vocal association of 196 multinationals operating in Pakistan – believes that the government has realised the need to bring untaxed components of society into tax ambit.

“All in all, we are confident that the government would take many pro-documentation measures in the upcoming budget,” said OICCI Secretary General Abdul Aleem.

When asked, Aleem said over the years the government has incorporated many

recommendations on merit. “However, there are several which have not been accepted for various reasons,” commented Aleem. “We realise the governments have their own political constraints.”

Federation of Pakistan Chamber of Commerce and Industry (FPCCI) President Zakaria Usman has said the federal minister has remained active over the last few weeks and discussed FPCCI’s budget proposals in various recent meetings in Islamabad.

Few days ago, FPCCI – country’s apex trade body that represents 46 chambers – even issued a press release in which it claimed that the government has already accepted 30% of its budget proposals.

With all the positive sentiments about the federal minister, there are few who are not expecting too much.

Published in The Express Tribune, May 29^th, 2014.

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