PESHAWAR: Former chairman Standing Committee of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Ahmad Jawad has welcomed the measures taken in the mini-budget including the lifting of the ban to purchase vehicles on non-filers and removing the embargo of tax on withdrawal of the amount starting from Rs50,000.
The measures, he said, also includes the abolition of super tax on non-banking companies as well as on duty on agriculture sector research and development, which has been reduced from 17 percent to 5percent on all diesel engines that are utilised in agriculture.
He added that reduction in the tax on small marriage halls is also a good step that would benefit the common man. Similarly, in the housing sector tax on small houses has been reduced from 39 percent to 20 percent, which is a good measure. Jawad said these measures increase the confidence of the masses and the automobile sector would flourish.
Similarly, on refunds of sales tax, in the mini-budget they will introduce some bonds which would provide at least some relief to the business community and the same will also help increase the exports. The tax exemption up to five years on all green field and power projects is a healthy incentive for new investors, which helps bring investment in the country. It is a great opportunity for foreign companies to invest in power projects in Pakistan, the statement quoted Jawad as saying.
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