Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce & Industry (ICCI) said that the new budget has increased taxes on the business community that would affect the business activities and he appealed to the Prime Minister of Pakistan and Federal Finance Minister to revise high taxes in order to facilitate the better growth of the economy. He said this while speaking in the “Turn Around Pakistan Conference” organized by the Ministry of Planning.  Mian Muhammad Shahbaz Sharif Prime Minister of Pakistan was the Chief Guest while Miftah Ismail Federal Finance Minister, Ahsan Iqbal Federal Minister for Planning & Development, Jamshaid Akhtar Sheikh Senior Vice President, Muhammad Faheem Khan Vice President ICCI, foreign diplomats and others were also present at the occasion.  

Muhammad Shakeel Munir said that the real estate sector is playing very important role in the development of the economy as it is supporting directly and indirectly around 74 allied industries. However, the new budget has increased taxes on this sector and requested that the government should revise them to save the real estate sector from their negative impact. He said that industries including the marble industry should be subjected to a fixed tax regime that would help in improving the tax revenue of the country.  

ICCI President also highlighted the importance of the establishment of a new industrial estate in the Islamabad region to boost industrialization and appealed that the government should cooperate with ICCI in acquisition of land for this project for its early materialization. He stressed for long-term policies to ensure sustainable economic growth as policy consistency is so important to improve the confidence of the business community and the investors. He said that Hajj expenses have increased significantly due to which the business community of this sector is also facing problems and requested that the government should take measures to make Hajj affordable. He said that the government has an experienced economic team and hoped that it would soon steer the country out of troubled waters.

The Prime Minister and Finance Minister assured that the issues highlighted by the President ICCI would be given due consideration to address them.