MULTAN, May 26th:The Multan Chamber of Commerce and Industry (MCCI) has declared the Federal budget for 2017-18 as people friendly and welcomed the tax incentives announced by Finance Minister Senator Ishaq Dar and termed it a balanced and growth oriented budget." President of Multan Chamber Khawaja Jalaluddin Roomi said that it would have been an ideal budget Had the Government announced agricultural loan on 5 to 6 percent mark-up like Industry.He expressed his reservations on 15 % income tax on dividend describing it a discouraging step for investors. He said that Government should withdraw Gas Infrastructure Development Cess (GIDC) and should provide natural gas on uniform prices to industrialists of Punjab.Industry is backbone for the economy of any country and it is welcoming that the government has announced incentives for the industrial sector,"He underlined the need to take more steps for creating conducive environment for the industry in order to create new jobs, improve productivity, enhance exports so that the country could emerge as a strong economy. Malik Arar Ahmed Awan Former President of MCCI expressed similar views and termed the budget a step forward for the welfare of business community and masses. "There is no harshness for the business community in the budget. There is a decrease in corporate taxes which is a welcome sign. I think the government has kept the interests of business community protected" he said.He said the government had also taken care of agricultural sector which was commendable. However; he was of the view that there was a trust deficit between Federal Board of Revenue and business community, which he added must be bridged. Bakhtawar Tanvir Sheikh Senior Vice President of MCCI said that credit goes to Ishaq Dar who presented the fifth national budget very successfully and intiated many economic indicators which would bring prosperity and economic stability in the country.He said that 22 percent increase in per capita income and Pakistan Stock exchange 100-share Index continued to gain momentum on as index-heavy stocks pushed the benchmark well above 52,000 points from 19000 points. He said industry needed better concentration and priority to address its issues adding that the steps announced by the government would put the country on the path of sustainable economic growth. Bakhtawar said that the steps taken by the government to solve the issue of loadshedding would soon yield results. "Hopefully, the issue of load shedding will be resolved by next year. This will help industrial sector to further grow," he said. Dr.Jasso Mal Chairman of Pakistan Cotton Ginners Association (PCGA)in his comments said that the government had realized the importance of Cotton sector and was focusing on that which was a welcome sign. He said the business community had been given relief, which would help achieve accelerated economic growth. He underlined the need to take more steps for creating conducive environment for the industry in order to create new jobs, improve productivity, enhance exports so that the country could emerge as a strong economy. He stated that the government had given various incentives for business community. "The incentives for poultry sector are also welcoming," he said.
