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Budget proposals: Bodies for tax cuts to reduce trade deficit

Budget proposals: Bodies for tax cuts to reduce trade deficit

SIALKOT: The proposed reduction in the tax ratio and expansion of tax net would reduce trade deficit and provide maximum benefits for the business community, said industrialists’ representatives here on Friday.

Muhammad Ishaq Butt, the chairman of All Pakistan Dry Ports Association and the Sialkot Dry Port Trust, said that bringing the more people under the tax net would be helpful in reducing the trade deficit and reduce the dependency on foreign loans.

Former President of Sialkot Chamber of Commerce and Industry Daud Ahmed Chattha said that the government should present a business-friendly and public-friendly budget, which should create maximum job opportunities.

Zahid Latif Malik, chairman of Sialkot City Development Package, urged the federal government to announce maximum trade-related incentives for the business community in the coming federal budget, enabling the industrial sector to increase their earnings by bringing betterment in their production.

Pakistan Gloves Manufacturers and Exporters Association former chairman Muhammad Anwar Butt urged the government to bring betterment in the sales tax system. He also urged the federal government to reduce its expenditures by avoiding costly foreign tours of the parliamentarians so as to achieve the budget goals being set by the government in the Federal Budget for fiscal year 2014-15. He added that the government should not put further burden on the shoulders of people who are already hit by increasing price hike and energy crisis.

Sialkot Chamber of Commerce and Industry President Dr Sarfraz Bashir urged the government to announce a special package of trade-related incentives especially the direly needed research and development funds in the coming budget.

The SCCI president said the advanced manufacturing and production technologies should immediately be exported for developing and boosting these industries. He narrated that the Sialkot business community had urged the government to make effective and positive measures to ensure continuity of the government’s positive policies for strengthening the national economy and promotion of sustainable trade activities.

“The government’s encouragement is also vital for country’s business community which could help strengthen the national economy through increasing the exports. He said that the businessmen had full capacity to pull out country from the existing crisis. In the SCCI proposals for the coming federal budget, the SCCI president had told the government that the export industry of Sialkot has been severely affected by recent exchange rate fluctuations.