Traders Warn Opposition to Budget Over Exclusion from Consultation

News Desk 

Rawalpindi: Trader leaders voiced their stance during a press conference in Rawalpindi, asserting that ‘if the Chambers and business community are excluded from budget consultations, the All Pakistan Chambers Presidents Conference (APCPC) will oppose the presented budget’. 

This declaration came amidst the 16th APCPC organized by the Rawalpindi Chamber of Commerce and Industry (RCCI), where traders from all over Pakistan convened.

They expressed optimism for the government’s involvement of Chambers in the consultation process for the fiscal budget 2024-25. The joint statement advocated for the reduction of the term of chamber presidents to one year from the current two years.

Additionally, it called for the Federal Board of Revenue (FBR) to focus on expanding the tax net rather than increasing taxes, emphasized that the 22 percent interest rate is hindering economic growth and industrialization, and urged for its gradual reduction to single digits.

RCCI President Saqib Rafiq said that Businessmen and taxpayers should be respected, all income regardless of source should be taxable under the uniform framework. There is a need to increase trade and better relations with neighboring countries, and regional trade should be promoted. 

The joint declaration also demanded enabling one window operation to remove barriers to the business community. It also urged all political parties to sign the Charter of Economy. Green energy should be promoted as an alternative energy to reduce business costs.

The chamber presidents and representatives of the four provinces of Kashmir and Gilgit-Baltistan participated in the conference.

The conference discussed the annual budget, depreciation of the rupee, increase in production cost, high prices of petroleum products, electricity and gas, promoting solar installation, federal and provincial taxes. Trader-Friendly Scheme: Increase in tax net and privatization of government institutions were also discussed.