Business leaders happy with the Finance Supplementary 2nd Amendment Bill

KARACHI: The business community has appreciated the PTI government for proposing reforms and incentives for the trade and industry through the Finance Supplementary 2nd Amendment Bill on Wednesday.

President Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Daru Khan Achakzai appreciated the economic reform package announced by the Finance Minister Asad Umar saying, “the package has accommodated the recommendations of the business community,” Achakzai said and assured all cooperation of the business community.

He said that reducing income tax rates for banks’ profits derived from SME, agriculture and low-cost housing financing would encourage investment and business expansion.

President Karachi Chamber of Commerce and Industry Junaid Ismail Makda appreciated the measures announced by the finance minister. However, he said, there were several issues that had been presented to the finance minister and commerce advisor, but the same were not addressed.

“Things that the minister has announced are positive for the business and industry, but we will be able to comment once all the details are shared with us.”

Chairman Pakistan Apparel forum Jawaid Bilwani termed the Finance Supplementary 2nd Amendment Bill pro exports and pro industry. [the_ad id=”31605″] “Reduction of customs duty on raw material and removal of withholding tax on tax return filers are very positive steps and would facilitate the export oriented industry.”

He said that Asad Umar had announced to issue promissory notes against stuck-up refunds of exporters, this would address the liquidity issues of the export oriented industry, which would be reflected in exports. “Government is taking measures in the right direction and we hope significant growth in exports going forward.”

Senior Vice President FPCCI Mazhar Ali Nasir hailed proposal to reduce duties on import of raw materials adding this would bring cost of doing business down, which was a long demand of the business community.

Talking to a private TV channel, Arif Habib of Arif Habib Group said it was a very positive bill, which aimed to address the core business and economic issues.

“SMEs are the prime generator of employment and incentivizing banks to finance SMEs will bode well for the overall economic growth.  He also appreciated tax holidays for new Greenfield projects”. He also appreciated removal of super tax on non-banking companies.

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