Business News

ISLAMABAD, May 27 (APP): The Islamabad Chamber of Commerce and
Industry (ICCI) has welcomed the tax incentives announced by Finance
Minister Senator Ishaq Dar in the federal budget 2017-18 and termed
it a “business and people-friendly budget.”
“This is a business-friendly as well as people-friendly
budget. Industry is backbone for the economy of any country and it
is welcoming that the government has announced incentives for the
industrial sector,” President ICCI Khalid Iqbal Malik told APP on
Friday soon after the budget speech.
He said industry needed better concentration and priority to
address its issues adding that the steps announced by the government
would put the country on the path of sustainable economic growth.
Khalid said that the steps taken by the government to solve the
issue of loadshedding would soon yield results. “Hopefully, the
issue of loadshedding will be resolved by next year. This will help
industrial sector to further grow,” he said.
He said that last year the country had around 3500 registered
companies but their number had registered a significant increase as
at present there were around 5500 registered companies in the
country. “All this shows that the business community reposes trust
in the government policies,” he maintained.
He also congratulated the Finance Minister for presenting
fifth consecutive budget saying, “He is the only Finance Minister in
country’s history who has presented five budgets in a row.”
The Senior Vice President of ICCI Khalid Malik also expressed
similar views and termed the budget a step forward for the welfare
of business community and masses. “There is no harshness for the
business community in the budget. There is a decrease in corporate
taxes which is a welcome sign. I think the government has kept the
interests of business community protected” he said.
He said the government had also taken care of agricultural
sector which was commendable. However; he was of the view that there
was a trust deficit between Federal Board of Revenue and business
community, which he added must be bridged.
Advisor SAARC CCI Zubair Ahmed Malik in his comments said that
the government had realized the importance of textile sector and was
focusing on that which was a welcome sign. He said the business
community had been given relief, which would help achieve
accelerated economic growth.
He underlined the need to take more steps for creating
conducive environment for the industry in order to create new jobs,
improve productivity, enhance exports so that the country could
emerge as a strong economy.
Former Executive Member ICCI Babar Chaudhry in his remarks
stated that the government had given various incentives for business
community. “The incentives for poultry sector are also welcoming,”
he said.