The Sarhad Chamber of Commerce and Industry (SCCI) has voiced strong criticism of the 2023-24 federal budget, describing it as disappointing and not conducive to growth.
“The government has failed to take into consideration the challenging economic circumstances and provide adequate relief measures for the business community,” stated Ijaz Khan Afridi, the SCCI’s acting president. He conveyed his perspective during a press conference, convened in the aftermath of the budget presentation by the federal Finance Minister, Senator Ishaq Dar, in the National Assembly on Friday.
Afridi criticized the budget as a mere manipulation of words and inaccurate number calculations, providing no substantial relief to the business community. He expressed regret that the SCCI’s budget proposals were disregarded.
The press conference was also attended by the Former President of the Federation of Pakistan Chamber of Commerce and Industry, Ghazanfar Bilour, along with the President of the Industrialists Association Peshawar, Malik Imran Ishaq, and other leaders representing traders, importers, and exporters.
Afridi acknowledged the pivotal role the business community played in the economic growth of Pakistan by paying various taxes. He asserted that the government should have introduced measures to provide relief, stimulate business activity, and rejuvenate the industry.
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Despite acknowledging the government’s initiatives in the budget for the newly-incorporated districts, Afridi argued that these measures were insufficient to alleviate the hardships faced by the tribesmen.
In response to various inquiries from the media, the acting SCCI president expressed skepticism about the government’s ambitious tax collection target, which aims to increase from the current Rs7,200 billion to Rs9,200 billion in the next fiscal year. He highlighted that this indicated it was not a tax-free budget.
With Pakistan currently grappling with a significant economic crisis, Afridi argued that the government should have announced a special relief package for the business community to revitalize the economy.
He criticized the government’s plan to impose an additional tax burden on the business community and the general public instead of offering any substantial relief measures. Afridi also suggested that the tax collection target for the next fiscal year is an indication of the government’s capitulation to international financial lenders.
On behalf of SCCI, Afridi concluded, “We vehemently reject the budget for the next financial year.”
