The mini-budget has clearly defined the direction of the PTI government's economic policies, says businessman
Karachi's traders seem to be happy over the economic reforms package announced by Federal Finance Minister Asad Umar on Wednesday.
The finance minister presented the Finance Supplementary Second Amendment Bill, 2019 (also called the mini-budget) during the National Assembly session amid jeers and shouts from the opposition.
"The federal government led by the Pakistan Tehreek-e-Insaf has so far failed to show any direction in terms of economic policies, but the mini budget has clearly defined the direction," Khalid Tawwab, the former senior vice president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) told SAMAA TV.
“The PTI leadership said five million houses will be constructed and the country’s exports will be boosted. But, no positive developments came to the fore till today.”
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He said positive steps have been announced in the mini-budget and the government has accepted the demand of commercial importers in connection with withholding tax.
The former FPCCI office-bearer said the mini-budget has resolved the issue of refunds to exporters. He said several industries had already closed down as a large amount of the small traders' money was stuck with the government under the export rebate.
The tax reduction in agricultural and housing sectors will help improve the situation, said Daru Khan, another FPCCI office-bearer. “We will cooperate with the government like always as the recommendations we sent have been implemented.”
“We support the government’s decision to enhance exports and curtail imports,” said Mazhar Nasir, the senior vice president of the chamber. “The tax waiver for firefighting apparatus is a good step in the right direction.”