Budget 2020

Federal budget 2020 is industry-friendly but no relaxation for traders

industry-friendly budget

The federal budget is economy and industry-friendly in which more relaxation of taxes has been given to the local manufacturing sector. Relaxation has been forwarded to the masses while not imposing the new taxes whereas the corona effected industry has been benefitted and more amount has been reserved for education and health. It will be a challenge for the government to fulfill the requirements of the IMF.

No relaxation has been given to the traders in this tax-free budget. These are views, presented in the Express Forum by the economic experts and the representatives of the business community about the federal budget 2020-21.

Sadaqat Ali Abbasi, the PTI senior leader said that the pandemic has affected the whole world, including Pakistan and at these crucial times, every possible effort has been done the benefit the masses. Corona effected industry has especially been considered.

The budget for education and health has been increased. Unnecessary expenses have been curtailed. The inflation rate was 14 %, while the planning to bring it to 6.6 % has been made. Chairman FBR, Nosheen Javed said that the amount of 45 billion Rupees has been reserved to enhance the business activities.

Muhammad Ahmad Waheed, the Chairman of Islamabad Commerce and Industry said that this is a balanced and industry-friendly budget in this difficult condition. Ajmal Baloch, the President of All Pakistan Traders Association said that although no extra taxes have been levied yet no benefit has been given to the corona affected business community.

Kashif Chaudhry, President Markazi Tanzim e Tajran called it an unrealistic budget that has no benefits for the business community.

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