PESHAWAR: Former Senator Ilyas Ahmad Bilour, leader of the Businessman Forum, and Fuad Ishaq, President of the Sarhad Chamber of Commerce and Industry (SCCI), have declared the 2024-25 fiscal budget as dictated by the IMF and detrimental to traders and the general populace.
They described it as the final blow to the industry and exports and unequivocally rejected it.
During a press conference at SCCI house on Monday, attended by a large number of traders, industrialists, and media representatives, Ilyas Bilour and Fuad Ishaq criticized the government for adhering to stringent IMF conditions.
They highlighted the introduction of extensive taxation measures in the budget, asserting that the business community would neither accept additional taxes nor allow their implementation, planning to combat them with a structured strategy.
“The primary aim of this budget seems to be further damaging the economy, businesses, trade, and industry, placing them in severe jeopardy,” stated Ilyas Bilour.
Fuad Ishaq noted that while the Pakistani economy needs an expanded tax base, the focus should be on bringing new taxpayers into the system rather than burdening existing ones with new taxes.
He also mentioned that the SCCI had proposed the government approve the ‘Tajir Dost Scheme’ for the next 20 years, providing traders with a no-new-tax guarantee post-period. However, incorporating this scheme into the budget document rendered it counterproductive, leading to its rejection by the business community.
The conference also saw participation from SCCI senior vice president Sanaullah Khan, vice president Ejaz Khan Afridi, and other notable leaders from various trading and industrial organizations.
Addressing further tax concerns, Fuad Ishaq lamented the excessive tax increases on exports and advance orders, labeling them as reflections of an anti-trade stance.
He also criticized the financial burdens placed on the economy by Independent Power Producers (IPPs), revealing substantial national payments made and scheduled for IPPs, which he deemed unfair to both the public and the business sectors.
On a different note, Ilyas Bilour criticized the federal finance minister’s apparent lack of understanding of the budget, alleging it was imported from America. He highlighted the issue of high flour prices despite sufficient wheat reserves and called for the importation of wheat products to alleviate the situation.
Fuad Ishaq raised concerns over natural gas management in Khyber Pakhtunkhwa, emphasizing the unfair treatment in pricing despite the province’s surplus production.
Responding to a question, Ilyas Bilour expressed skepticism over achieving the Rs 12,000 billion revenue target set for the Federal Board of Revenue (FBR), predicting that such tax collection efforts would cripple the financial backbone of the populace and the business community.
Shaukat Ali Khan, another trader leader, criticized the government’s tax collection efforts, comparing them unfavorably to those of more developed nations while providing substandard facilities.
