PM urged to correct ‘suicidal’ budget taking input from KCCI

Leaders of KCCI have termed the Federal Budget FY20 as suicidal and have urged PM Imran Khan to hold meetings with KCCI to discuss the impact and rectify it prior to passing the budget from the assembly. Leader BMG and former President KCCI, Siraj Kasim Teli, said that it is incorrect that businesses will absorb the impact of all the taxes and it seems that taxes have been imposed without taking paying capacity into consideration. He criticized the imposition of 17% tax on five zero rated sectors, the biggest sources of foreign exchange earnings for the country. President KCCI, Junaid Esmail Makda, said that there is nothing in the budget that could reduce the cost of doing business, increase exports, attract foreign and local investment and boost industrialization in the country. Former President KCCI Zubair Motiwala called it a very harsh budget that must be reconsidered. He stressed the need to increase export and decrease imports. Former President KCCI, Anjum Nisar, urged the govt. to hold meetings with the business community and discuss the impact of taxation on businesses and general public.