Karachi: President of United Business Group (UBG) and former president of FPCCI, Zubair Tufail, after the announcement of the federal budget for the new fiscal year 2024-2025, from July 1, the new rate of inflation across the country. The wave has been described as a forerunner of a storm for the country’s economy. Zubair Tufail said that no sector of the country is happy in the federal budget, the abundance of taxes in the federal budget has caused problems to every class, including the business class. Hada is worried about how he will be able to bear the pressure of taxes. He said the budget is very disappointing for exporters who are the country’s biggest foreign exchange earners, construction sector and petroleum dealers went on strike. Threatened, exporters reject end of ‘final tax regime’, industries use electricity as raw material and already bear record high unit load, decision to levy fixed charges should be withdrawn, the government should immediately remove the anomalies in the federal budget and find a better solution. Zubair Tufail said that the indiscriminate taxes imposed on food items in the federal budget will cause a sharp increase in the prices of food items. It has happened and the people will go through the inflation mill created by the new federal finance minister because the prices of all commodities including pulses, meat, gram flour, dry milk, oil, ghee, spices have reached the most expensive level in history. Zubair Tufail added that the Finance Bill will prove to be a killer poison for the IT sector in 2024. The IT sector is like a bright chapter in Pakistan’s economy. has been increased from 5 percent to 10 percent, which will significantly increase the cost of the required technology while affecting both IT start-ups and existing IT companies. He said that the Finance Minister should visit the FPCCI head office and meet the representatives of the affected sectors of the business community to solve their problems immediately.

Issued, Central Interpreter
United Business Group (UBG)