FPCCI calls for growth-oriented budget 2024-25 for trade, industry

May 29, 2024 (MLN): Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday called for a growth-oriented budget 2024-25 for the trade and industry and also prioritized export-led growth, as APP reported.

The FPCCI suggested the government tax reform for broadening the tax base to revive the businesses in the country and also urged the government to hold thorough consultations with all stakeholders including the business community on the upcoming federal budget.

Chairman FCCPCI Capital Office, Karim Aziz told APP that in consultation with the business community across Pakistan, FPCCI has finalized its budget proposals, which have been sent to the relevant ministries and called upon the government to incorporate them in the federal budget 2024-25.

He said that their implementation would address the key issues of trade and industry, facilitate better growth of business activities, improve tax revenue of the government and help in the revival of the economy.

He stressed the need for reforming and simplifying the taxation system in consultation with the real stakeholders.

The senior business leader said the private sector wanted to supplement the government’s efforts, focusing on the economic revival of the country, adding that joint proposals would help make the budget business-friendly, which would ultimately result in robust export-led growth.

He urged the government to focus on ease of doing business in the upcoming budget, which would help attract the much-needed investment to trigger economic growth in the country.

 “The government is highly appreciative of the contribution of the traders and the business community towards strengthening the economy and promoting tax culture”, he added.

 He said the budget for the upcoming fiscal year should feature a balanced tax collection approach and the government should adopt a strategy for the documentation of the economy.

Aziz also underlined the need for enhancing exports, reducing imports, and also giving incentives to expatriates to invest in Pakistan.

Meanwhile, talking to the APP on the occasion, President of the Islamabad Chamber of Commerce and Industry (ICCI) Ahsan Zafar Bakhtawri said that consultation with the business community has finalized its budget proposals, which have been sent to the relevant ministry.

He called upon the government to incorporate them in the Federal Budget 2024-25 as their implementation would address the key issues of trade and industry, facilitate better growth of business activities, improve tax revenue, and help in the revival of the economy.

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