Daily Times

KARACHI: The representatives of 5-prime exports and members of leading business and trade chambers have asked the finance mangers of the government to consider the budget proposal of the business and trade community for fiscal year 2017-18.

Finance experts in the government have been requested to take into account the suggestions, aiming to put the economy on right direction and apropos to enhance the exports of the country.

Representatives of Pakistan Tanners Association, Pakistan Apparel Forum, Pakistan Yarn Merchants Association, All Pakistan Marble Mining, Processing, Industry and Exporters Association, Surgical Instruments Manufacturing Association Pakistan, All Pakistan Business Forum, sport goods and carpet sectors were of the opinion, our budget proposals are an effort to give the government a set of suggestions that would help turn the upcoming budget business-friendly in true sense.

Business community understands Finance Minister Ishaq Dar is utilising his best abilities to overcome the economic challenges but, at the same, the private sector considers itself duty-bound to tell the government of several hitches faced by it, they asserted.

Agha Saiddain and Anjum Zafar from tanning sector, Ghulam Rabbani from yarn sector, Sanaullah Khan from onyx sector, Ibrahim Qureshi from business forum, Jawed Bilwani from apparel sector besides members of different chambers of business and trade said that all over the world the private sector plays a leading role as far as economic policy framework is concerned.

In this context we have been playing role to bring the country out of the economic mire through well-tailored budget proposals.

The government and the private sector should be on the same page on minor and major economic issues so that they could be resolved amicably and without any further delay.

The budget proposals will cover recommendations, including proposals to incentivise investors, broaden the tax net through documentation of economy, simplify tax system and reorganise the Federal Board of Revenue and many industry-specific proposals.

Promoting foreign direct investment, increasing the share of direct taxes in revenue and lowering the slab of indirect taxes would help achieve key economic targets set for fiscal year budget 2017-18.

We suggest that the sales tax slab should immediately be curtailed in order to reduce inflationary pressures.

Federal Board of Revenue may utilise its abilities to overcome the economic challenges and consult the private sector to remove hitches to speedy economic recovery.

They informed that sector-specific details about the problems being faced by respective business sectors would also be put before the budget finance managers.

It is to be noted that Federal Board of Revenue has sought the budget proposals for the upcoming financial year 2017-18 from its field officers, as well as from other stakeholders, including the business community.

Prime exporters have imported raw material and eventually they re-exported after value addition and earn precious foreign exchange for the country.

Export oriented manufacturing sector of the country contributing more than 15 percent to country’s Gross Domestic Products.

They were confident that government to consider the demands of these sectors to be incorporated in the upcoming federal budget for year 2017-18 to facilitate/equip member exporters to get the best results for the promotion of exports as per aspiration of the government.