Traders, businesses reject govt preferences in finance bill

FPCCI former president Mian Anjum Nisar has flayed government’s priorities in the fiscal budget 2025-26, reported 24NewsHDTV Channel. Reacting to budget document, Anjum Nisar said that government has failed to provide direction to the business community. 

He said the government has allocated minimum amount for water managements and water reservoirs. 

Anjum Nisar said the government has minimized the internet speed which shows the government has not focused on IT department. He said the government should broaden tax net. 

Chairman Business Group Zubair Motiwala said that reform agenda was not discussed in the budget as sales tax was imposed on EFS. He said during the budget speech, there was no talk about increasing exports. 

Why didn't textile sector go above Rs 19 billion? No one has an answer, he questioned. Zubair said if industries were not established, how will they provide jobs to people. He said the government could not even meet last year's budget target. Chairman Business Group said GDP growth and agriculture targets could not be achieved as tax collection target will remain a dream. 

Karachi Chamber President Javed Balwani said the government has not made any announcement to reduce inflation. He said people's monthly salaries are going towards electricity bills and transport expenses. He said exports cannot increase with expensive electricity, high interest rates and taxes. 

Karachi Chamber President said only 3.2 billion has been allocated for K4 project, adding that the people of Karachi were being fooled. 

Saqib Fayyaz Magon said government stressed on broadening of tax and simplifying tax forms. He lauded withholding tax on property transfer has been reduced. 

Sheikh Omar Rehan, Chairman Vanaspati Manufacturers Association said traders were disappointed with the budget. He said traders had sent suggestions to the government but it was not acted upon. He said there is no relief package in sight for the industry.