PESHAWAR: The Sarhad Chamber of Commerce and Industry (SCCI) on Friday rejected the proposed ‘Mini-budget’ and warned that it will usher in a new wave of inflation and unemployment in the country.
The SCCI president Hasnain Khurshid Ahmad the taxation measures worth Rs343billion through Finance (Supplementary) Bill 2021 in a reflection of the incumbent government’s “inconsistent” and “flawed” economic policies. He warned that the mini-budget will directly affect unprivileged and poor segments of the society. He stressed that attention should be paid to enhance exports and overcome the widening trade deficit instead of generating revenue through taxation.
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Federal Minister for Finance Shaukat Tarin tabled the mini-budget in the National Assembly on Thursday amid ruckus in the assembly on the direction of International Monitory (IMF) to secure $1 billion loan tranche. The budget aims to raise tax on 150 items, including stationery, packaged food items, imported baby milk, butter, cheese, dairy products, imported vegetables, bakery items, computers and tablets. However, the government claimed that it will not burden common man.
Hasnain Khurshid said the government’s stance over withdrawing of tax exemptions worth Rs343billion would not affect common man, in complete “ridiculous” and “incomprehensible”. He asked the government to review imposition of taxes on food items and prevent poor masses from from ‘tsunami’ of price-hike.
He expressed fear that that prices would be further surged up after imposition of taxes on baby milk, packed milk, raw materials of medicines, chicken, eggs, meat, cheese, butter, cooking oil, dairy products, confectionery items, match, agriculture tools/instrumentals and other that would further multiple miseries of the inflation-hit masses as such food items went completely out of the purchasing power of the common man.
The SCCI chief urged the government to abstain from pushing the country’s economy toward the brink of a complete collapse. Furthermore, he emphasized that legislation should be made for autonomous economic policies, people-friendly measures and provision of relief to the business community instead of elevating miseries of poor masses by presentation of Mini-budget.