Federal budget: Relief for business community sought

MARDAN: The Mardan Chamber of Commerce and Industry has urged the federal government to incorporate its proposals in the upcoming fiscal budget for 2021-22 to give relief to traders.

The chamber is seeking tax exemption and waiver of rents and utility bills. In a statement, the chamber’s president Zahir Shah sought special financial relief package, including tax-relief, interest-free loan to SMEs, reduction in the ratio of taxes, special incentives and providing an enabling environment for local and foreign investors. He said that measures should be taken to cope with economic meltdown triggered by the Covid-19 pandemic.

Seeking abolition of taxes, he said the special tax exemptions being offered to foreign investors should be reviewed so that local industries and investors could stay afloat. Zahir Shah said that though the Overseas Investors Chambers of Commerce and Industry had called for sustaining the ongoing tax reforms, the policies should be changed while keeping in view the prevailing economic conditions. He said that they had asked for utilization data of the National Database and Registration Authority (Nadra) for identifying potential taxpayers.