RCCI terms fiscal budget 2022-23 as a balanced one under a challenging economic environment
The Rawalpindi Chamber of Commerce and Industry (RCCI) has termed the fiscal budget 2022-23 as a balanced one under a challenging economic environment.
RCCI President Nadeem Rauf while giving remarks after the Budget Speech said that a detailed version will be presented after looking at the budget documents.
He said that there are several announcements in the budget which need clarification. The announcement of setting up of ADRC for resolving tax disputes is a welcome step; however, the business community has reservations on setting up a 10 crore limit and mechanism. Similarly, the announcement of tax on immovable property needs clarification. He cautioned that this may push people for non-filing or benami which is against the true spirit of documentation of the economy
While lauding the fixed tax scheme for small traders, Nadeem Rauf said this will increase the tax net.
The tax exemption on solar panels is appreciable, as it will ease load on Power Management and also its an environmentally friendly initiative. A significant amount of Rs 364 billion has been allocated for Benazir Income Support. This will provide relief to the marginalized sections of the society. For those earning less than Rs 40,000, a monthly announcement of Rs 2,000 is also a welcome step. The announcement of incentives for IT and textiles is a welcome step. Five to ten year tax rebates on investments in the IT sector are welcome.
Allocation of 73 billion on electricity will help improve the transmission system. The export target for next year has been set to 35 billion dollars, which is a realistic one.
Nadeem Rauf said that a big relief has been given to the salaried class, changing the tax slab from 6 lakh to 12 lakh and for AOPs from 4 lakh to 6 lakh.