K-P businessmen term budget 'burdensome'

PESHAWAR:

The business community in Khyber-Pakhtunkhwa has outright rejected the newly announced federal budget, terming it anti-business and burdensome for the poor.

Sarhad Chamber of Commerce and Industry (SCCI) President Fazal Muqeem strongly criticized the imposition of taxes on small traders in the federal budget. "The increase in electricity and gas prices will further burden the already struggling poor population," he said.

The chamber had arranged a live screening of the federal budget speech, which was watched closely by traders. Following the speech, Fazal Muqeem announced that a formal response will be issued after consultation with the Standing Committee.

"We had submitted several proposals to the federal finance minister ahead of the budget. We will issue a detailed stance after reviewing the extent to which those recommendations were implemented," he added.

Fazal Muqeem further expressed concern over the imposition of taxes in the former FATA region and criticized the Federal Board of Revenue (FBR) policies, warning that they could lead industries toward collapse.

Prominent business leader Ghazanfar Bilour also voiced his reservations, noting that 18% tax on solar panels and additional taxes on petroleum products will add to people woes. "This is beyond comprehension. Small manufacturers are already in distress, and the new taxes will force many industries to relocate to other countries," he warned.

Bilour stressed that the budget failed to provide any relief to the underprivileged and reiterated that the K-P business community categorically rejects it.

Senior SCCI member Jaleel Jan criticized the government's decision to increase the salaries of Senators and National Assembly members by 400%. He also condemned the new policy of confiscating goods without a barcode, calling it "a new form of oppression."

"The entire business sector of Khyber-Pakhtunkhwa - from small shopkeepers to large industrialists - rejects the budget and once again appeals to the federal government to review and revise it," Jan concluded.