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Karachi's business community declares federal budget as balance

Karachi's business community declares federal budget as balance
June 11, 2021

KARACHI (92 News) - Following to the budget session, the business community of Karachi has declared the budget 2021-2022 of the federal government as abalance.

The business community also declared reduction of duty on vehicles and sales tax as well as other decisions including third party audit, self assessment scheme as a step towards correctness.

The business community in Karachi watched the federal budget session in the Karachi Chamber of Commerce & Industry (KCCI). After the budget session, Businessmen Group Chairman Zubair Motiwala termed the budget as very balanced, saying that there is a lot in the budget for the common man. "Duty on vehicles, reduction in sales tax and third party audit is a good initiative," he added.

Zubair Motiwala said that the self-assessment scheme of the federal government is a big decision and if it is implemented, it will be very beneficial and the number of taxpayers will also be increased.

While appreciating the decision of the government to reduce the holding tax return over taxes in the budget, KCCI President Shariq Vohra said that the real finance will be known only when the bill comes.

The business community as a whole termed the budget as a step in the right direction and hoped that if the decisions taken in the budget were implemented, the economy and the industrial sector would also improve.