Daily Times

ISLAMABAD: The Islamabad Chamber of Small Traders (ICST) on Saturday said that the budget lacked any relief for small traders as it had ignored masses and preferred voters over investors.

“Masses will find it difficult to get cheap food items as the budget of Utility Stores Corporation has been slashed from Rs 7 billion to Rs 4 billion,” it said.

“As usual, the masses have been kept out of the budget-making process. Bureaucrats have finalised it secretly,” said Islamabad Chamber of Small Traders Patron Shahid Rasheed Butt.

He said that expenditures had been increased by two percent. “This will be revised later. The developmental budget has been raised by 25 percent. This is difficult to finance as 45 percent of the revenue goes into debt servicing,” he said.

Shahid Rasheed Butt said that new taxes worth billions of rupees had been slapped on the traders. “The target of Federal Bureau of Revenue had been increased by 14 percent to 4.33 trillion. They will now target local taxpayers,” he said.

“FBR always fails to meet the target. It then resorts to highhandedness which creates problems for the local business community,” he said.

The business leader said that the one percent cut in corporate tax was meaningless. “Subsidies on fertiliser, power, tube wells, wheat etc have been slashed from Rs 140.6 billion to Rs 138.84 billion,” he said.

He regretted that the construction sector which was performing well and showing growth of nine percent had now been burdened with taxes.

“However, the expenditures on subsidies always cross the limit. This will be the case this year as well,” he said, adding that the budget of Utility Stores Corporation should be revised to provide relief to the masses.

He said that the budget documents indicated that the government would present mini budgets in future. “The government will obtain more foreign loans to stabilise the shrinking foreign exchange reserves,” he said.

Bus service: A decision has been taken to launch air conditioned express bus service on two routes of Rawalpindi including Karal Chowk and Rawat to the new Islamabad airport.

According to details, the District Regional Transport Authority has finalised the plan on the directives of the Punjab government. The authority has now sought offers from private transport companies in this regard.

Under the directives of the Punjab government, Rawalpindi District Regional Transport Authority has asked such private transport operators that are already providing their services at national level to apply for participating in the bidding process.

Regional Transport Authority Secretary Khalid Yameen said that initially 67 air conditioned buses with 30 seats capacity would be launched on two routes.

“One route is specified from Rawat to district Katcheri, Saddar Metro Station to Haider Road to Peshawar Road and from Peshawar Road to the new airport. The second route covers Karal Chowk, Katcheri Chowk, Saddar and Peshawar Road,” he said. He said that the fare would be determined later.