RCCI Urges Withdrawal of Anti-Business Proposals in Federal Budget

Islamabad: Speakers at the National Budget Conference 2024-25 organized by the ICMA International in Islamabad has urged for withdrawal of anti-business proposals in the Federal Budget 2024-25.

Speakers, including President Saqib Rafiq, Group Leader RCCI, Sohail Altaf and Zahid Latif Khan (Chairman ISE REIT) shared the concerns of business community and highlighted the anomalies in the fiscal budget 2024. They also pointed out the additional burden being added the existing taxpayers, burden given to salaried class and businessmen, impact of Capital Gain Tax on Stock Exchange and increase in sales tax.

President Saqib Rafiq said that FBR has set an additional revenue target of Rs 2200 billion in the budget but has failed to give a detailed break-up. The business community is concerned that the burden has been placed on existing taxpayers instead of broadening the tax net. Excessive taxation will have a markedly negative impact on GDP growth and inflation in 2024-25, he added.

Group Leader Sohail Altaf said that the slab for the non-salaried class has been increased from 35% to 45%.The 10% super tax rate has also been placed, we demand immediate withdrawal of this step announced in the budget. He added that of one per cent expected income tax benefit from exporters and transition to a full income tax regime at 29 per cent of net profit is a controversial move and a proposal that needs to be revised.

Senior Vice President Muhammad Hamza Sarosh, Former Presidents RCCI,Mr. Mr. Ali Pervaiz Malik, Minister of Estate for Finance & Revenue, Shahzad Malik President ICMA, Mr. Faraz Fazal President of the Rawalpindi Islamabad Tax Bar Association, among others, were also present on the occasion.