Business friendly budget is essential for promoting economic activities – Mahfooz Elahi

  • April 27, 2011
A progressive, balanced business –friendly, investment-friendly and people-friendly budget for upcoming financial year is essential for the socio-economic development of Pakistan. A hard task but the need of the times.

Mahfooz Elahi, President Islamabad Chamber of Commerce & Industry (ICCI) made these remarks, while meeting with member of ICCI. He condemned that the budget should rightly devised as a common man’s budget and has to ensure special concessions for the salaried person, senior citizens, pensioners and industrial labor.

He said that Government should extend full support to the business community and it should takes the business community as a partner in the national development as both should work together for the betterment of the common man and the greater welfare of the society.

ICCI President was of the view that National Budget is the most important policy document which has to be prepared with the careful consideration of proposals from the private business entities, which normally are not taken serious.

Elahi said that the business community in the country was working under the most challenging environment and confronted the several issues like regulatory over-burden, energy shortage and high cost of doing business.

 He said that the Government needs to look beyond revenue generation and should ensure fairness of tax regime. A significant percentage of the economy remained undocumented and operated outside the net. Proper documentation of all segments of the economy is essential it the Government intended to broaden the tax base and reduce burden in already taxed, Mahfooz Elahi maintained.

More funds should be allocated for infrastructure facilities in order to meet the needs of growing industries, ICCI President said.

He said that the Government should reduce the share of Public Sector Development Program and allocate more funds for the construction water reservoir in the country. He urged the Government to control price hike and give relief to common people in upcoming budgets.