SCCI terms federal budget balanced

PESHAWAR: Sarhad Chamber of Commerce and Industry (SCCI) here on Friday termed the federal budget for the fiscal year 2021-22 balanced, growth-oriented and pro-businesses.

It asked the government to implement the relief initiatives in letter and spirit to revive Covid-19-hit businesses, industries and the national economy.

Addressing a news conference to comment on the presentation of the budget, SCCI President Sherbaz Bilour said the government had presented a budget that could give a boost to businesses, industrialization and create jobs.

Accompanied by SCCI vice-president, Junaid Altaf, and other industrialists, he welcomed the abolishment of Federal Excise Duty from erstwhile Federally Administered Tribal Areas (Fata) and Provincial Administrative Tribal Areas (Pata).

The SCCI chief hoped the government’s step would bring economic prosperity and development to merged tribal districts and Pata. Sherbaz Bilour hailed the reduction in the excise duties, including on the raw material, which is a welcome step.

The SCCI added the initiatives to boost hydel power generation, abolishment of tax on online businesses, increase in loans for the cottage industries from Rs3 million to Rs 10 million, would accelerate the pace of economic development.

The chamber president also appreciated abolishment of different 12 withholding taxes, adding the abolishment of the condition for upgrading of the tax profile was a welcome step.

Responding to a question from reporters, Sherbaz Bilour said KP had been facing injustice by the federal government for the past years as far as payment of Net Hydel Profit (NHP) dues along with arrears was concerned. He went on to say that the KP was producing the cheapest electricity but the federal government was charging higher electricity rates from it.

The SCCI chief asked the federal government to review its policy and ensure payments of NHP amount along with arrears without any delay.