Lahore, June 05, 2015 (PPI-OT): The Lahore Chamber of Commerce and Industry has Friday termed Federal Budget 2015-16 good and balanced in existing circumstances. Addressing a press conference soon after the Federal Budget, the LCCI President Ijaz A. Mumtaz said that Federal Finance Minister Ishaq Dar deserves appreciation for accepting a number of LCCI demands.
The LCCI Vice President Syed Mahmood Ghaznavi, former presidents Mian Muhammad Ashraf, Shahid Hassan Sheikh, former Senior Vice Presidents Abdul Basit, Sheikh Muhammad Arshad and former Vice President Aftab Ahmed Vohra were also present on the occasion.
Ijaz A. Mumtaz said that withdrawal of FBR powers to exempt business from duties/taxes through SRO and loan on zero mark-up for solar tube-wells was a longstanding demand of the LCCI. He said that allocation of Rs.52 billion for Dasu Hydro power project, Rs.11 billion for Neelum Jhelum and Rs. 21 billion for Diamir Bhasha dam would ensure early completion of these projects but the LCCI president expressed disappoint over no allocation for Kalabagh Dam.
He said that Rs. 31 billion for water projects is not enough. He said that cut in mark on loans for exporters would encourage the export-oriented industry and it would also put positive impact on the exports. He said that Rs.185 billion for road and infrastructure would help economic development of the country. He said that sufficient allocation for Pakistan Railways would play a vital role in its revival.
He said that 11 percent increase in defence budget was need of the hour. He said that allocation of Rs.102 billion for Benazir Income Support Program would give relief to the deprived part of the society. Ijaz A. Mumtaz said that Rs. 1513 billion for development program is a step in right direction but government has to ensure that this fund should be utilize for productive projects.
He said that cut in transfer and token fees of the vehicles and reduction in withholding tax is also a good initiative. The LCCI president said that 10 percent income tax on electricity bills over Rs.75,000 would increase the cost of doing business therefore government should withdraw this suggestion.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan