REDUCED and REPEATED
Budget to serve interests of elite: PEW
Islamabad: [June 05]
Vice President Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Fazal Elahi has said that budget is not as per the expectations of the business community or masses.
He welcomed the announcement of adding 2.3 million people to the tax net saying that if materialised, it will resolve many problems.
Talking to Dr. Murtaza Mughal, President, Pakistan Economy Watch (PEW) he said that measures for sustainable growth were avoided which disappoints many.
Fazal Elahi said that issue of energy outages has not been given due attention which will result in missed collection and export targets and add to unemployment.
The Vice President of the apex chamber said that no one can deny the presence of the black money in the country which should be channelled towards industry.
He said that debt servicing eats up 1972 billion rupees which is a major threat in a situation where tax-to-GDP ratio is falling and less than 1 per cent pay taxes.
At the occasion, Dr. Murtaza Mughal said that exempted sectors like agriculture, property and services have not been touched in the budget which is unfortunate.
Putting education and other critical services on the back burner will not help us in any way adding that situation is pushing millions to send their children to seminaries.
Dr. Mughal said that budget hardly offer any relief for the poor or business community and has nothing to attract investment.
Govt has again failed to raise taxes on the elite to cut an unsustainable deficit which has left us reliant on debt. Budgets made for political survival is one of the biggest problems Pakistan is facing.
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Dr. Murtaza Mughal
Cell: 0321-5157671
President Pakistan Economy Watch
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