Daily Times

Punjab Minister for Finance Makhdoom Hashim Jawan Bakht Thursday said that the federal and Punjab governments presented growth-oriented budgets.

He said that Rs 560 billion had been allocated for the development programme in the Punjab budget, which was 66 per cent higher than the previous budget.

He said that the government believed in consultation and facilitating the business community.

He was addressing a two-day all Pakistan Chamber’s post-budget convention under the auspices of the Lahore Chamber of Commerce & Industry (LCCI) at a local hotel. LCCI President Mian Tariq Misbah presided over the convention, while Senior Vice President Muhammad Nasir Hameed Khan, Vice President Tahir Manzoor Chaudhry, presidents, office-bearers and representatives of 25 chambers of commerce and industry addressed the convention.

The minister said that the provincial government would continue to facilitate the business community by ensuring provision of tax relief and incentive packages for various sectors of the economy, especially those export oriented.

Hashim said that the Pakistan Tehreek-e-Insaf (PTI) government was very much focused on human resource development and a number of solid initiatives had been taken in the social sector for the well-being of the common man.

The government was also putting in place effective and comprehensive measures for infrastructural development, he said. Hashim added, “We believe in equal and composite development across Punjab with greater attention towards south Punjab which has been deprived of its due share of development and budgetary allocations for long.”

The chambers issued a joint declaration to address the genuine reservations of the business community before the Federal Budget 2021-22 is approved.

The participants in the convention urged the government to take prompt action on the recommendations of the convention’s declaration in order to create conducive business environment and for quick revival of economy:

They demanded that a formal announcement and confirmation should be made by the government to withdraw the proposal of adding clause 203(A) in the Income Tax Ordinance. The proposal of imposing exorbitant fines on the importers under section (28) 156 of the Finance Bill 2021 if they for any reason are not able to complete the paperwork for redemption of their shipments should be withdrawn.